OPEC Output Climbs Again, But Still Trails Quota Targets

OPEC’s total oil production jumped by 1.17 million barrels per day in July from June as many Gulf producers restored some output that was shut in for three months due to the closed Strait of Hormuz. Output at the 11-member OPEC rose to 19.85 million bpd in July, extending the monthly increases for the second consecutive month, according to a Reuters survey based on ship-tracking data and information provided by sources at OPEC, oil companies, and consultants. In May, when major Gulf producers slashed output, OPEC’s oil production dropped…