Opec oil output this month has been the highest in more than three years, and the organisation continues to produce above the ceiling set at its December meeting in an effort to calm an oil market worried about geopolitical tensions involving Iran.
Production by Opec members rose by 1 per cent on the month to reach an average pumping volume of 31.405 million barrels per day (bpd), according to a Bloomberg survey of oil companies, producers and analysts.
Growth was driven by Saudi Arabia, resurgent Libyan output and rising Iraqi capacity, offsetting a decline in Iranian production, which slumped to a 20-year low.
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