OPEC crude output declined this month as Iraqi production slipped from a record in June. Output by the Organization of Petroleum Exporting Countries decreased 362,000 barrels to 32.107 million a day this month, according to a Bloomberg survey of oil companies, producers and analysts. Last month’s total was revised 335,000 barrels higher, to 32.469 million a day, because of changes to the Saudi, Kuwaiti, Angolan and Nigerian estimates. Brent crude, the benchmark for more than half the world’s oil, relapsed into a bear market this week on speculation that the global supply glut will grow. OPEC agreed on June 5 to retain its collective output target of 30 million barrels a day, a level that it’s exceeded for 14 months, according to data compiled by Bloomberg. “Prices are going to remain under pressure because output is near record levels in several OPEC countries,” John Kilduff, a partner at Again […]