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A Bloomberg survey has revealed an increment in the crude output of OPEC owing to Saudi Arabia’s near-record production. Oil production of Saudi grew by 230,000 bpd to 10.65 MMbpd in July. The kingdom was joined by Nigeria and Iraq in offsetting losses from Venezuela, Iran, and Libya. The cartel all-in-all produced 32.6 MMbpd. Saudi held up to its promise of preventing crude prices from sabotaging the global economy.
