OPEC+ cuts oil production to the lowest level in two years in July
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OPEC+ cut oil production to a two-year low in July. This supported prices, but with low demand for oil in China, they will not exceed $90/bbl.
Oil production by countries that are members of the OPEC+ agreement in July 2023 decreased by 940,000 barrels per day compared to June to 40.4 million barrels per day, according to S&P Global Commodity Insights. Production was the lowest since August 2021, when the main production cuts imposed by OPEC+ during the pandemic were in effect.
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