OPEC Crude Production Steady for Third Month

OPEC's crude production has remained stable for the third consecutive month, with some key members exceeding agreed limits. Despite small reductions in Iraq and Nigeria, overall production decreased slightly. The ongoing efforts by OPEC and its partners, led by Saudi Arabia, have helped balance global markets amid increased oil supplies from the US and Americas, with Brent crude futures trading near $87 per barrel. While this stabilization in oil prices could benefit OPEC+ member countries reliant on petroleum sales for revenue, challenges persist. Riyadh, for instance, needs oil prices closer to $100 per barrel to support ambitious economic plans according to the International Monetary Fund. To address this, the alliance may need to ensure full compliance with pledged production cuts, although recent efforts to enhance implementation have yielded limited results. The upcoming OPEC+ meeting in August will be crucial in determining the next steps for managing oil supply, as outlined in previous agreements. The survey findings highlight the importance of closely monitoring member countries' adherence to production limits and the potential impact on global oil markets.