The Organization of the Petroleum Exporting Countries (OPEC) is down to producing 30.14 M barrels/day of crude oil, down from 30.74 M last month. The leading exporters of oil, Russia and Saudi Arabia are committed to prolonging their voluntary oil production cuts. The latter has extended it until November before reassessing. Similar to before, it is expected that the oil cuts will lead to an increase in worldwide oil prices.OPEC is the regulating body behind oil supply to influence the commodity’s price in the markets. They do this by setting production targets for members.
