OPEC has been pumping in August the highest volume of crude oil since April 2020, after the OPEC+ alliance agreed to ease the production cuts by 400,000 barrels per day (bpd) every month beginning in August, the monthly Reuters survey showed on Tuesday. The 13-member-strong OPEC group has been producing 26.93 million bpd in August, an increase of 210,000 bpd compared to the estimated output in July, according to the Reuters survey of OPEC sources, sources at oil firms and consultants, and tanker-tracking data. Although OPEC continued to raise its oil production, the gain in August over July was lower than anticipated because of production and export outages in some member states. The rise in OPEC’s oil production comes after the OPEC+ group decided on July 18 that it would start returning 400,000 bpd to the market every month beginning in August until it unwinds all the 5.8 million […]