OPEC+ oil production climbs in August as members ease output cuts: report

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Oil production from the Organization of the Petroleum Exporting Countries and its allies climbed by 1.71 million barrels a day to 34.63 million barrels a day in August from a month earlier, according to an S&P Global Platts survey released Wednesday. The group of producers, known as OPEC+, had previously reached an agreement to ease record production cuts of 9.7 million barrels a day to 7.7 million barrels a day starting in August. According to calculations by Platts, OPEC+ achieved compliance of 97% with that new quota. In Wednesday dealings, October West Texas Intermediate crude was up 61 cents, or 1.7%, at $37.37 a barrel on the New York Mercantile Exchange. November Brent crude traded at $40.12 a barrel, up 34 cents, or nearly 0.9%.
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