Crude oil output of OPEC (Organization of the Petroleum Exporting Countries) declined by 840,000 barrels per day (bpd) from June to July to 27.34 million bpd, a Reuters survey showed on Monday.

During that period, Angola and Nigeria reportedly failed to reach the agreed oil output and Saudi Arabia reduced its production by 860,000 as part of its voluntary output cut. Increases in Angola and Iraq's outputs, however, limited the decline in the organization's total output.

Market reaction

Crude oil prices continue to push higher following this headline. As of writing, the barrel of West Texas Intermediate was trading at its highest level since mid-April at $81.60, gaining 1.2% on a daily basis.