| Iraqi crude production climbed to a record this month, helping send OPEC output to the highest level since August 2012. Output by the Organisation of Petroleum Exporting Countries climbed 744,000 barrels to 32.134 million a day this month, according to a Bloomberg survey of oil companies, producers and analysts. Last month's total was revised 189,000 barrels lower to 31.39 million a day, because of changes to the Saudi, Iraqi, Algerian and Nigerian estimates.
OPEC has been boosting supply as it seeks to force higher-cost producers to cut output. The 12-member group agreed on June 5 to retain its collective output target of 30 million barrels a day, a level that it's exceeded for 13 months, according to data compiled by Bloomberg...............................................Full Article: Source
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