OPEC July oil output surges as Gulf voluntary cuts end

OPEC July oil output surges as Gulf voluntary cuts end

OPEC July oil output surges as Gulf voluntary cuts end

OPEC July oil output surges as Gulf voluntary cuts end

OPEC July oil output surges as Gulf voluntary cuts end

An easing of lockdowns and lower supply have helped oil prices to climb above $40 from April's 21-year low of below $16 a barrel. (Reuters)

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OPEC July oil output surges as Gulf voluntary cuts end

Lockdown easing and lower supply have helped rise, although second wave concerns keep lid on gains

Updated 01 August 2020

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LONDON: OPEC oil output has risen by more than 1 million barrels per day (bpd) in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance.

The 13-member Organization of the Petroleum Exporting Countries pumped 23.32 million bpd on average in June, the survey found, up 970,000 bpd from June's revised figure, which was the lowest since 1991.

OPEC and allies agreed in April to a record output cut as the coronavirus crisis hammered demand.

An easing of lockdowns and lower supply have helped oil to climb above $40 from April's 21-year low of below $16 a barrel, although concerns of a second wave are