OPEC August Oil Output Hits 2018 High Despite Iran Losses

OPEC oil output has risen this month to a 2018 high as Libyan production recovered and Iraq’s southern exports hit a record, a Reuters survey found, although a cut in Iranian shipments due to U.S. sanctions limited the increase.

The 15-member group has pumped 32.79 million barrels per day (bbl/d) in August, the survey on Aug. 31 found, up 220,000 bbl/d from July’s revised level and the highest this year.

OPEC and allies agreed in June to boost supply as U.S. President Donald Trump urged producers to offset losses caused by the renewed sanctions on Iran and to dampen prices, which this year hit $80 a barrel for the first time since 2014.