OPEC oil output rises to highest level since April 2020: survey

OPEC oil output rose in August, led by Saudi Arabia and Iraq, to its highest level in 16 months, according to a Reuters survey, as the group's top producers further eased supply curbs under a pact with its allies.

In August, the Organization of the Petroleum Exporting Countries’ production rose by 210,000 barrels per day (bpd) on a monthly basis to 26.93 million bpd - the highest level since April 2020.

The survey also found out that OPEC compliance with pledged cuts was 115% in August, a level unchanged from July.

OPEC+ is scheduled to meet tomorrow, Sept. 1, to discuss its production policy, which is expected to remain unchanged.

Given the current level of oil prices and the possibility of increasing demand for crude, the group is likely to adhere to its previous decision, a source recently told Reuters.