| OPEC raised crude output to the highest in more than three years as it pressed on with a strategy to protect market share and pressure competing producers.Output from the Organization of Petroleum Exporting Countries rose by 230,100 barrels a day in November to 31.695 million a day, the highest since April 2012, as surging Iraqi volumes more than offset a slight pullback in Saudi Arabia.
The organization is pumping about 900,000 barrels a day more than it anticipates will be needed next year. Benchmark Brent crude dropped to a six-year low in London this week after OPEC effectively scrapped its output ceiling at a Dec. 4 meeting as de facto leader Saudi Arabia stuck to a policy of squeezing out rival producers...............................................Full Article: Source
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