OPEC production fell 840K bpd in July – survey

<p>WTI crude oil is up another $1.07 today as it builds towards a sixth-consecutive week of gains. It's trading at $81.61 and near the highs of the day after Reuters' survey of OPEC production showed a drop of 860K bpd.</p><p>The bulk of that is the 500kbpd Saudi voluntary cut, which has been extended through August (but not yet Sept) and the Saudi cut isn't a surprise. The bigger twist is from Nigeria, where output fell 120k bpd due to a potential leak at a Shell export terminal and a brief stoppage due to a protest.</p><p>In total, Angola and Nigeria are both producing far below quotas with the UAE and Saudis producing slightly above.</p><p>This survey doesn't include Russia but indications are that they have lowered exports in July as promised, or are headed in that direction.</p>

This article was written by Adam Button at www.forexlive.com.