OPEC Output Plunges by Most Since 2020 as Saudis Deepen Cuts
- Production tumbles by 900,000 barrels a day in July: survey
- Saudis implement extra cut, pushing prices to $85 a barrel
This article is for subscribers only.
OPEC’s crude production tumbled by the most in three years as Saudi Arabia implemented a deeper cutback in a bid to shore up global markets.
Output from the Organization of Petroleum Exporting Countries plunged by 900,000 barrels a day last month to an average of 27.79 million a day, according to a Bloomberg survey. It’s the biggest reduction since the group and its allies slashed supplies during the depths of the Covid pandemic in 2020.