Opec oil output hit eight-year low in July: Report

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Aug 02, 2019 06:00 am

LONDON Organisation of the Petroleum Exporting Countries' (Opec) oil output hit an eight-year low last month as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by US sanctions on Iran and outages elsewhere in the group, a Reuters survey found.

Opec pumped 29.42 million barrels per day (bpd) this month, the survey showed, down 280,000 bpd from June's revised figure and the lowest Opec total since 2011.

The survey suggests Saudi Arabia is sticking to its plan of voluntarily restraining output by more than called for by an Opec-led supply deal to support the market.

Opec renewed the supply pact this month, shrugging off pressure from US President Donald Trump to pump more.

Despite lower Opec supplies, crude oil has fallen from above US$75 (S$103) a barrel in April to US$65 on Wednesday, weighed down by concern about slowing growth.

"Bulging global oil stocks have failed to decline and the market remains well supplied," said Mr Stephen Brennock of oil broker PVM. - REUTERS