OPEC Oil Production Increase as Iran Hits Highest Level

A survey conducted by "Reuters" on Thursday showed that OPEC's oil production rose in August as Iranian supplies reached their highest levels since 2018, despite ongoing cuts by Saudi Arabia and other members of the broader OPEC+ alliance to support the market. The survey indicated that OPEC pumped 27.56 million barrels per day this month, an increase of 220,000 barrels from July. According to "Reuters" surveys, this marks the first increase since February. Iran is exempt from OPEC cuts, and its exports have been rising in 2023 despite U.S. sanctions.