OPEC Raised Crude-Oil Supplies in July, PetroLogistics Says

(Bloomberg) — The 11 OPEC nations bound by quotas increased crude-oil supplies last month, straying further from their official limits, according to estimates from tanker- tracker PetroLogistics Ltd.

Those 11 members of the Organization of Petroleum Exporting Countries provided consumers with an average of 26 million barrels a day in July, up from 25.96 million a day in June, the Geneva-based consultant said. Supplies from all 12 members, including Iraq, rose to 28.6 million barrels a day from 28.3 million a day.

OPEC, responsible for about 40 percent of global crude supplies, will meet on Sept. 9 in Vienna to discuss the impact of record production cuts to 24.845 million barrels a day announced last year. Oil has rebounded to above $70 a barrel, encouraging members to pump more crude.

Bloomberg