OPEC raised its collective oil output for a fourth-straight month in July, another sign that it is struggling to stick to a deal to pump less.
OPEC output jumped by 173,000 barrels a day to nearly 32.9 million barrels, according to independent sources cited by the group Thursday in a monthly report. That was the highest level since December, the month before the cartel began enforcing an agreement to limit its output in a bid to rebalance the market after three years of oversupply.
OPEC officials met earlier this week in Abu Dhabi to discuss how to improve compliance with the deal but didn't announce any clear steps.
The producer group has partnered with nonmembers, including Russia, since January to keep 1.8 million barrels a day off the market in order to shrink global crude stockpiles and boost prices. Rising output from U.S. drillers and OPEC members Libya and Nigeria, which are exempt from the deal, has frustrated that effort.