OPEC+ Raises Oil Production But Remains Compliant

OPEC saw its crude oil production rise by 150,000 barrels per day (bpd) in August, data from secondary sources in the cartel’s monthly report showed, but even at higher quotas, the members part of the OPEC+ pact pumped less than estimated by tanker tracking surveys and less than the OPEC overall quota in the agreement.  Total crude oil production from all 13 OPEC members averaged 26.76 million bpd in August, according to secondary sources OPEC cited in its closely-watched Monthly Oil Market Report (MOMR) today. The August production…