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Saudi Arabia Sets Oil Production Record
Saudi Arabia, focused on defending market share, pushed its petroleum output to a record high in July in spite of a global glut that continues to depress oil prices.
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Saudi Arabia, focused on defending market share, pushed its petroleum output to a record high in July in spite of a global glut that continues to depress oil prices.
The kingdom pumped an average 10.7 million barrels of crude per day, up 30,100 barrels, in July, according to the Organization of the Petroleum Exporting Countries. Saudi Arabia’s previous monthly high was 10.6 million bpd in June 2015.
OPEC’s efforts to agree on quotas for its members, of which Saudi Arabia is the largest producer, have faltered. The cartel says it will open new discussions in September.
Saudi Arabia’s output is now at near capacity. Iran, free of economic sanctions since January, has restored its oil production to normal levels. Analysts tell The Wall Street Journal that the two countries have little to lose by agreeing to cap production. Doing so could hike oil prices, making it easier for both countries to expand capacity.
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