OPEC

(Bloomberg) — The Organization of Petroleum Exporting Countries increased oil output for a fourth month in July, with quota compliance slipping as some members took advantage of strong prices, a Bloomberg News survey showed.

Oil output averaged 28.39 million barrels a day last month, up 45,000 from June, according to the survey of oil companies, producers and analysts. The 11 OPEC members with quotas, all except Iraq, pumped 26.035 million barrels a day, 1.19 million more than their target.

OPEC agreed at three meetings last year that the 11 members with quotas would cut output by 4.2 million barrels a day to 24.845 million. The group is scheduled to meet and discuss production levels in Vienna on Sept. 9.

The United Arab Emirates increased production 40,000 barrels a day to 2.27 million barrels a day, the biggest increase of any member last month. The gain left output 47,000 barrels a day above the country