VIENNA (AP) Production of crude oil across all OPEC countries rose again in July, to above the estimated level of global demand.
The cartel said Thursday in a market report that its countries' production rose by 173,000 daily barrels in July to an average of 32.9 million barrels a day.
That puts it above the estimated global demand for OPEC oil this year of 32.4 million barrels a day.
The group agreed in May to extend a production cut to March next year in an effort to support market prices. But that intention has sometimes been difficult to put into practice because not all countries were observing the commitment.
The price of crude has largely hovered around or below $50 a barrel in recent months, about half what it was in 2014.