OPEC crude oil supply hits 3-year high in July
OPEC output rose by 100,700 barrels per day (bpd) to reach 31.5 million bpd. Iran’s crude oil production increased by 32,300 barrels per day in July to reach 2.86 million bpd, posting the highest level since June 2012. In addition, Iraq, OPEC’s second largest producer, increased its crude oil production by 46,700 barrels per day to 4.1 million bpd in July.
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