Two-year highs for oil production from Saudi Arabia and other OPEC producers more than offset declines from Iran, Libya and Venezuela, Platts reported Friday. According to data and sentiment gathered from analysts, industry officials and shipping data, S&P Global Platts determined members of the Organization of Petroleum Exporting Countries combined for an average of 32.66 million barrels of oil per day last month, an increase of 1 percent from June. Saudi Arabia, the largest producer in OPEC and its de facto leader, produced 10.63 million bpd on average last month, its highest level since August 2016. The gains follow industry concerns about chronic and expected shortages from key OPEC members Iran, Libya and Venezuela. In addition, crude oil prices […]