OPEC’s Oil Output Jumps by 185,000 Bpd as Iraq Continues to Overproduce

OPEC’s crude oil production jumped by 185,000 barrels per day (bpd) in July compared to June as top producer Saudi Arabia boosted output, Iraq continued to pump well above its quota, and Iran also raised supply, the monthly OPEC report showed on Monday. Total crude oil production from all 12 OPEC members averaged 26.75 million bpd last month, up by 185,000 bpd from June, with output rising in the Middle Eastern producers Saudi Arabia, Iraq, and Iran, according to OPEC’s secondary sources which the cartel uses to track output from individual…