Surplus in production plummets oil value

On Tuesday, July 31st, oil prices recorded their biggest monthly drop in the last two years. This decline is due to the increase in fuel production by the member countries of OPEC (Organization of Oil exporting Countries), reflecting strongly on the market's supply and demand ratio.

Brent had over 6% loss, while the WTI, about 7%, being the biggest recession of the two oil since July 2016.

According to Reuters ' research, Russia and OPEC increased their production in July. The survey points out that the OPEC member countries have gone from 70000 bpd (barrels of oil per day) to 32,640,000 BQD.

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