OPEC and Russian crude oil production climbed in September, more than making up for an ongoing decline in Iranian output ahead of the enactment of U.S. sanctions on the Islamic Republic's oil industry, the oil-cartel said Thursday.
In its closely watched monthly oil market report, the Organization of the Petroleum Exporting Countries said its crude production rose by 132,000 barrels a day last month to average 32.76 million barrels a day.
Output from Russia—the group's largest production ally—increased by 150,000 barrels a day to reach a new post-Soviet record of 11.54 million barrels, OPEC said in the report.
At the same time, crude production from key member Iran continued to fall, coming down by 150,000 barrels a day last month to average 3.45 million barrels a day, according to OPEC.
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