OPEC+ Crude Output Makes Biggest Gain in 5 Months

OPEC and its nine allies posted their highest monthly crude oil production rise in five months ending July, led by gains in Saudi Arabia and Kazakhstan, the latest Platts survey by S&P Global Commodity Insights showed.
The OPEC+ alliance hiked output by a hefty 490,000 barrels per day from June, although that is still short of the 648,000 bpd promised when the group agreed to accelerate their quota increases for July and August to help meet rising demand, Global Platts reported.
OPEC produced 29.08 million bpd, up 250,000 bpd from June, as almost all of its Middle Eastern members posted steady gains. Its nine allies averaged 13.50 million bpd, a rise of 240,000 bpd, boosted by a recovery in Kazakh and Russian output.
On the whole, the entire OPEC+ coalition pumped 42.58 million bpd, its most since March, the month after Russia invaded Ukraine.
But with many members struggling to even maintain output, the gap between OPEC+ production and its quotas grew to 2.80 million bpd, which is more than what Kuwait, the alliance's fifth biggest member, pumped in July.
As a result, quota compliance ballooned to a record high of 222.9% in the month.