OPEC’s oil production for the month of March was 220,000 barrels per day higher than July volumes, a Reuters survey showed on Friday. Oil prices bristled at the news, and started to slip off August highs. At 11:44am, WTI was trading down 0.46% ($-0.32) to $69.93, with Brent falling 0.26% ($-0.20) to $77.82. Both benchmarks are still up on the month. The prices fell despite the fact that OPEC announced it would lift production at its meeting in June 22, saying it would reduce compliance to the production cuts to 100% after months and months of overcompliance and under-production which tightened the market. Iraq is the largest overproducer, and Saudi Arabia increased production from 10.40 million bpd in July to 10.48 million bpd in August. OPEC is struggling to offset supply drops in Venezuela, which once again lowered production well below its quota, from 1.42 million bpd in July […]