OPEC

•  Crude oil production from OPEC’s members was up close to 400,000 b/d in July versus the previous month to stand at 30.43mn b/d, according to MEES estimates. This represented the fourth month-on-month increase in output from the 12-nation producer group, and came as a partial recovery in Libya and seasonal increase in Saudi production more than compensated for losses in Iraq, Iran and Nigeria.

•  Despite this gradual recovery, OPEC output over the first...