The global oil supply rose for a third consecutive month in July, even as the market continues to rebalance, the International Energy Agency said Friday.
In its closely watched report, the IEA said oil supply had increased by 520,000 barrels a day last month to 98.16 million barrels a day, up 500,000 barrels on a year earlier.
Despite efforts to cut production, crude output from the Organization of the Petroleum Exporting Countries climbed by 230,000 barrels a day in July to a new 2017 high of 32.84 million barrels a day, the report said. That figure was in line with data released by OPEC on Thursday.
Source: WSJ
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