OPEC Raised Supply Last Month as Gulf Nations Ended Extra Cuts
- Output rose 900,000 barrels a day to 23.43 million a day
- Iraq, Nigeria made no progress with ‘compensation cuts’
Saudi Aramco's Abqaiq oil processing plant.
Photographer: Fayez Nureldine/AFP via Getty Images
This article is for subscribers only.
OPEC’s crude production rose last month as Persian Gulf members phased out extra supply cutbacks, but the cartel largely persevered with its strategy to revive the global oil industry.
Saudi Arabia, the United Arab Emirates and Kuwait restored the additional output taken offline in June, when they had amplified efforts to disperse an oil glut left behind during the coronavirus crisis.