Commodities
OPEC Keeps Oil Output Steady While Cautiously Watching Market
- Iran and Venezuela declined in July as China’s imports slowed
- Iraq raised output despite pledge to make compensation cuts
Crude futures have faltered this week despite escalating geopolitical tensions in the Middle East.
Photographer: David McNew/Getty ImagesThis article is for subscribers only.
OPEC kept oil production broadly steady last month while it cautiously monitors the impact of its latest cutbacks on global markets.
The Organization of Petroleum Exporting Countries produced an average of 26.99 million barrels a day in July, about 60,000 barrels a day less than in June, according to a Bloomberg survey. Venezuela and Iran drove the decline as demand faltered in their key customer, China.