OPEC’s two largest oil producers Saudi Arabia and Iraq told the oil producer group that their production continued to be at elevated levels, helping the organization’s output to rise sharply in September, according to OPEC’s monthly oil market report Wednesday. Two weeks ago OPEC surprised the market by provisionally agreeing to rein in production to between 32.5 million and 33 million b/d with the aim of reversing the fall in oil prices. OPEC’s 14 members collectively pumped 33.39 million b/d in September, a jump of 220,100 b/d from 33.17 million b/d in August, the report showed. The oil producer group made marginal changes in its supply and demand forecast for 2016 but said it expected new production from Russia to increase the non-OPEC supply growth forecast for next year. With regards to the US, it said total liquids production in the country would “marginally” pick up towards the third […]