Commodities
OPEC Oil Output Holds Steady With Saudi Cuts Offsetting Iran Gains
- Production from 13 members rises 40,000 barrels a day: survey
- Saudis follow through on pledged cuts while Iran recovers
Saudi Arabia’s output fell by 170,000 barrels a day.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
OPEC’s oil production held broadly steady last month as curbs by group leader Saudi Arabia offset gains from other members, such as Iran.
The kingdom’s output fell by 170,000 barrels a day, exactly countering a combined increase from Iran and Nigeria, according to a Bloomberg survey. The Organization of Petroleum Exporting Countries collectively pumped 27.82 million barrels a day in August, or 40,000 more than the previous month.