Despite OPEC’s decision on Wednesday to scale back production, the oil trade bloc will produce oil at record rates in September, according to the results of an industry survey conducted by Reuters. Led by Saudi Arabia, the Organization of Petroleum Exporting Countries (OPEC) agreed – for the first time since 2008 – to limit their outputs. After an informal meeting in Algiers, the group said the target rate would be somewhere in between 32.5 million and 33 million barrels per day (bpd). Figuring out who has to cut output and by how much from the bloc’s 33.53 million bpd levels in August will be OPEC’s task during its 30 November meeting in the headquarters in Vienna. “The agreement still leaves hard and difficult negotiations for the individual caps to be set,” Bjarne Schieldrop, the chief commodities analyst at SEB, told Reuters. “Now, with an OPEC curb on the cards […]