OPEC boosts monthly oil production to highest level in three years

The Organization of Petroleum Exporting Countries (OPEC) in July pumped the most crude oil in more than three years as Iran restored its output to the highest level since international sanctions were strengthened against it in 2012, according to BloombergBusiness. The news service says OPEC, responsible for 40 percent of world oil supplies, raised output by 100,700 barrels a day to 31.5 million in July. The increase came even as Saudi Arabia said it cut production by the highest amount in almost a year. For more, read the full story.