OPEC July oil output surges as Gulf voluntary cuts end: survey - Reuters

OPEC July oil output surges as Gulf voluntary cuts end: survey - Reuters:

OPEC oil output has risen by over 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 LCOc1 climb above $40 from April’s 21-year low of below $16 a barrel, although concerns of a second wave are keeping a lid on gains.