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OPEC hikes oil output in September as Iran's production falls, demand outlook softens

Tom DiChristopher

Supply hikes from Saudi Arabia, Libya, the UAE, Nigeria and Angola offset a drop in production from Iran and Venezuela. OPEC lowered its forecast for oil demand growth, upped its projection for non-OPEC supply increases and said its outlook for the economy has softened. Several OPEC members, led by Saudi Arabia and Libya, put enough new barrels on the market in September to offset a drop in production from Iran, where U.S. sanctions are whittling away at the nation's crude exports, according to a monthly report.