OPEC Crude Output Falls 260,000 b/d in July

MSN Money – OPEC crude production fell by 260,000 barrels per day (b/d) to 29.69 million b/d in July from 29.95 million b/d in June, a Platts survey of OPEC and oil industry officials showed August 11…

John Kingston, Global Director of Oil at Platts, said, “It seems that every surge in analysis about the market being oversupplied with crude is then greeted with a series of incidents that shows how tenuous that supply can be. Certainly, the events of the past month that created the decline in production are a prime example of that, topped off by the cessation of some production in Prudhoe Bay. This is all happening as the fourth quarter — the traditional time for strongest demand — looms over the horizon.”
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