The world’s oil supply expanded in July on the back of surging Russian crude production, the International Energy Agency said Friday, in a concrete sign of the unraveling of a nearly two-year-old OPEC-led agreement to curb output. In its closely watched monthly oil market report, the IEA said Russian crude and condensate production climbed by 150,000 barrels a day last month, to 11.21 million barrels a day. That “significantly sharper acceleration than expected” put output 265,000 barrels a day higher year-on-year and just 14,000 barrels a day lower than Russia’s October 2016 record high, the agency said. Total global oil supply rose by 300,000 barrels a day in July, to reach 99.4 million barrels a day, boosted by Russian production, as well as higher output in Kuwait and the United Arab Emirates—two key members of the Organization of the Petroleum Exporting Countries. OPEC—de-facto led by Saudi Arabia, […]