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The Wall Street Journal: IEA report shows supply surge among OPEC members

OPEC oil production surged final month, more than making up for a decline in Iranian provide because of U.S. economic sanctions, the International Energy Agency mentioned Thursday.

In its closely watched per thirty days oil market report, the IEA mentioned crude oil CLV8, -1.35% LCOX8, -0.71%   output in the Organization of the Petroleum Exporting Countries climbed in August by 420,000 barrels an afternoon, to average 32.63 million barrels an afternoon.

That was the cartel’s largest month-on-month building up in more than two years, bringing the supply from the group’s 15 manufacturers to a nine-month high. The building up mainly came from upper production in Libya, Iraq, Nigeria and Saudi Arabia—the de-facto head of OPEC.

The jump in production “some distance outweighed losses from Iran forward of U.S. sanctions,” the company mentioned, in an indication that Saudi Arabia—the sector’s largest exporter of crude—and its production allies are moving hastily to fill global provide outages and stay the market in stability.

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