OPEC Monthly Output Highest Since August 2012

By Myra P. SaefongMarketWatch Pulse

Oil production from the Organization of the Petroleum Exporting Countries climbed to its highest monthly level since Aug. 2012, according to a Platts survey of OPEC and oil industry officials and analysts released Monday. OPEC production in June rose by 170,000 barrels per day from a month earlier, to 31.28 million barrels per day. OPEC is now pumping nearly 1.3 million barrels above its production ceiling of 30 million barrels a day. Output from Saudi Arabia edged up to 10.35 million barrels a day. The survey comes as oil prices hit their worst level in months. August crude suffered its worst one-day drop since April, falling $4.40, or 7.7%, to settle at $52.53 a barrel on the New York Mercantile Exchange.

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