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OPEC oil output surges as Iran looks to regain market share

OPEC crude production surged in April, led by Iran, which is seeking to regain market share after sanctions were lifted early this year.

The Organization of Petroleum Exporting Countries increased production by 484,000 barrels to 33.217 million a day in April, the most in monthly data compiled by Bloomberg going back to 1989, according to a survey of oil companies, producers and analysts.

Negotiations between OPEC members and other producers on April 17 in Doha ended without a deal to limit output after Saudi Arabia and other Gulf nations wouldn't agree to any accord unless all members of the group joined, including Iran. OPEC set aside its output target of 30 million barrels a day at its Dec. 4 meeting in Vienna.

Iranian output rose by 300,000 barrels a day to 3.5 million, the most since December 2011. Sanctions against the nation, which were strengthened in July 2012, were lifted in January. The Islamic republic is boosting production after sanctions were removed upon completion of an agreement limiting its nuclear program.

Bloomberg

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