Based on a report issued by Iranian oil ,gas and petrochemical products exportes' union referred to Iran Daily : OPEC crude output increased in August as Iranian production climbed to the highest level in three years
Output by the Organization of Petroleum Exporting Countries rose 108,000 barrels to 32.316 million a day in August, according to a Bloomberg survey of oil companies, producers and analysts. Last month's total was revised 101,000 barrels higher to 32.208 million a day, because of changes to the Iraqi estimate.
Brent crude, the benchmark for more than half the world's oil, moved into a bull market after OPEC said in a monthly publication it is willing to talk to other global producers to achieve 'fair prices', adding that "this has to be on a level playing field".
The group agreed on June 5 to retain its collective output target of 30 million barrels a day, a level that it is exceeded for 15 months, according to data compiled by Bloomberg.
"The market share battle continues," John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by phone. "The increase in Iranian output is just the latest salvo in the battle."
Brent for October settlement rose $4.10, or 8.2 percent, to end the session at $54.15 a barrel on the London-based ICE Futures Europe exchange. It was the highest close since July 24.
Nuclear deal
Iranian production climbed by 50,000 barrels a day to 2.9 million in August, the highest since July 2012, when more sanctions were imposed on the Islamic Republic to modify its nuclear program.
Under an agreement Iran and six world powers reached in Vienna last month, the US agreed to end efforts to limit Iran's oil sales.
The United Arab Emirates bolstered output by 150,000 barrels a day to 2.95 million barrels a day, the biggest gain this month. Production rose to meet increased demand in Japan and from the Abu Dhabi National Oil Co.'s expanded Ruwais refinery.
Iraqi production rose 5,000 barrels a day to 4.3 million in August, according to the survey. OPEC's second-biggest producer is pumping near the highest level in monthly Bloomberg data going back to 1989. Exports from the south of the country through the Persian Gulf rose while pipeline closures reduced shipments from the north through the port of Ceyhan on Turkey's Mediterranean coast.
Saudi Arabia, OPEC's top producer, reduced output by 70,000 barrels a day to 10.5 million in August, the first decline since December. Fuel consumption in the Arabian peninsula peaks in the summer months, when high temperatures lead to increased use of air conditioners. Electricity demand should fall in September.