Iraqi crude production climbed to a record this month, helping send OPEC output to the highest level since August 2012. Output by the Organization of Petroleum Exporting Countries climbed 744,000 barrels to 32.134 million a day this month, according to a Bloomberg survey of oil companies, producers and analysts. Last month’s total was revised 189,000 barrels lower to 31.39 million a day, because of changes to the Saudi, Iraqi, Algerian and Nigerian estimates. OPEC has been boosting supply as it seeks to force higher-cost producers to cut output. The 12-member group agreed on June 5 to retain its collective output target of 30 million barrels a day, a level that it’s exceeded for 13 months, according to data compiled by Bloomberg. “The unrelenting increase in OPEC supply is going to put a lot of pressure on the market,” John Kilduff, a partner at Again Capital LLC, a New York-based […]