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OPEC crude output fell by 246,000 bpd in July to 29.61 million bpd, a multi-year low. Saudi Arabia deepened its cuts, while US sanctions further reduced output in Iran and Venezuela and a Libyan outage restricted supply.
Iraq and Algeria recorded the largest production increases.
Lower OPEC output tightens the crude balance and supports oil prices, which lift diesel and fertilizer costs for feed producers. The decline is driven by policy cuts and sanctions, so supply tightness could persist.
oilprice.comTsvetana ParaskovaAug 16, 2019After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
