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IEA report: Global oil supply hit a record high in August despite Iran, Venezuela fallout

  • Global oil supply hit a record high in August at 100 million barrels per day (bpd).
  • Higher output from OPEC managed to more than offset seasonal declines from non-OPEC members, which nonetheless increased year-on-year, led by the U.S.
  • August saw OPEC’s crude supply hit a nine-month high of 32.63 million bpd, despite falls in production from major players Venezuela and Iran.

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