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OPEC: Oil market ‘in balance’, crude tops $70/bbl

Output is rising: Despite concerns over declining Iranian output ahead of sanctions, Opec’s crude production rose in August to its highest level this year, as the cartel’s 15 members (including recent recruit Republic of Congo) produced 32.74m b/d, Bloomberg reported. This was 420,000 b/d more than in July, representing a significant step towards the goal of adding 1m b/d to the market agreed in June.

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