OPEC August output rose 220k bpd led by Iran – survey

<p>Reuters' influential 'secondary sources' oil survey is out and highlights rising Iranian production. The country isn't subject to OPEC quotas because of sanctions declines.</p><p>The Biden administration — which blocked the Keystone XL pipeline — has instead turned a blind eye to Iranian sanctions and has recently loosened them on Venezuela as well. Those moves were done to lower oil prices.</p><p>In any case, Iran's production is now up to 3.1 million barrels per day, rising 200b bpd and erasing nearly half of the 'lollypop' cut from Saudi Arabia. Other OPEC moves — particularly Nigeria — added a net 20k bpd.</p><p>The other question about Iran is whether that oil never stopped being produced and it's only now being counted.</p><p>WTI crude oil is up for the sixth day today.</p>

This article was written by Adam Button at www.forexlive.com.