Saudi Arabia and the United Arab Emirates as part of the OPEC+ pact led to a 790,000-barrel-per-day rise in global oil production in August, the International Energy Agency (IEA) said in its closely-watched Oil Market Report on Wednesday. Production gains were partially offset by losses in OPEC member Nigeria—the biggest laggard in the OPEC+ deal – as well as lower output in the non-OPEC members of the OPEC+ alliance, Kazakhstan and Russia, the IEA said. Growth in production is expected to slow toward the end of this year, edging up by just 280,000 bpd from August through December to 101.6 million bpd. Global oil production is forecast to rise by 4.8 million bpd this year, to an average of 100.1 million bpd. Next year, production is expected to grow by 1.7 million bpd to 101.8 million bpd, the IEA said. In August, Libya’s oil production rebounded to 1.211 million […]