Opec oil output down in July over Iran sanctions
- Iran: Wednesday, August 01 - 2012 at 12:11
Crude oil output by Opec member-states has dropped in July, as US and European sanctions have cut supply from Iran and due to reduced shipments from Angola, Saudi Arabia and Libya, Reuters has reported. Supply from the 12-member group has averaged 31.18 million barrels per day (bpd), down from 31.63 million bpd in June. The biggest drop in supplies this month came from Iran, whose crude is subject to a European Union embargo that started on July 1 barring EU insurance firms from covering Iran's exports.
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