Saudi's Cut Oil Production
Saudi Arabia cuts oil production in July despite OPEC agreement to hike output
OPEC's oil output ticked up by 41,000 barrels per day to 32.3 million bpd in July.
Top exporter Saudi Arabia's production fell just one month after it reached an agreement with OPEC and other producers to hike output.
The monthly production figure the Saudis reported was about 150,000 bpd lower than an estimate by independent sources.