OPEC, Russia Hike Oil Output as Iran Production Falters

By Anonymous

Crude production from key member Iran continued to fall, coming down by 150,000 barrels a day last month

LONDON—An increase in crude oil production in September by OPEC and its ally Russia more than made up for declining Iranian output, the oil-cartel said Thursday, as it vowed to keep filling the gap created by impending U.S. sanctions on the Islamic Republic.

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.