OPEC oil supply reaches three-year high in JulyStaff writer ▼ | August 13, 2015
The Organization of Petroleum Exporting Countries (OPEC) oil supply recorded a three-year high in July, reaching 31.51 million barrels a day, according to its report.
Oil and energy industry OPEC increased its output by 100,700 barrels a day
The increase mostly comes from Iraq, Angola, Saudi Arabia and Iran.
The cartel group said the increase mostly comes from Iraq, Angola, Saudi Arabia and Iran, while production in Libya showed the largest drop, according to "secondary source".
Iran reached a historic agreement on its nuclear issue with world major powers in July, raising the expectation of its oil production revival in the coming moths.
Tehran increased its output by 32,300 barrels a day in July to 2.86 million a day, also the highest since June 2012, according to the report.
In June 2012, western states imposed tough sanctions against Iran, including oil embargo.
The cartel adjusted its forecast for global oil demand in 2016 by about 100,000 barrels a day. ■