OPEC July Oil Output Hits 2018 Peak, But Outages Weigh

OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and Congo Republic joined the group, a Reuters survey found, although losses from Iran and Libya limited the increase.

OPEC has pumped 32.64 million barrels per day (bbl/d) in July, the survey on July 30 found, up 70,000 bbl/d from June’s revised level and the highest this year with Congo added.

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