OPEC oil production has jumped to its highest in recent history in January as Iran increased sales following the lifting of sanctions and its rivals Saudi Arabia and Iraq also boosted supply, a Reuters survey showed on Friday. Rising output in the Organization of the Petroleum Exporting Countries further aggravates the market share battle between top global producers. In the past year this has flooded the market with new barrels, creating one of the worst oil gluts in history and helping send prices to a 12-year low. The January supply figures contrast with statements from multiple OPEC officials and recent comments from non-OPEC Russia about the need to cooperate and possibly restrain supply to help oil prices to recover. “Genuine production cuts are still a very long way off,” said Barbara Lambrecht, an […]