Thursday, August 11, 2016

Saudi Arabia Is Pumping Oil At Record Levels

Financial Times: Saudi oil production rises to record level in July

Country usually pumps more crude oil during summer to meet seasonal power increase

Saudi Arabia’s oil production rose to a record level in July as it moved to meet domestic demand and maintain pressure on regional rivals, with Opec countries still locked in a battle for customers.

Data submitted by the kingdom to Opec showed output jumped to 10.67m barrels a day last month, up 123,000 b/d on June and surpassing the previous record of 10.56m b/d from June last year.

Saudi Arabia usually pumps more crude oil during the summer months to meet a seasonal increase from domestic power companies trying to satisfy air-conditioning demand.

In July, parts of Saudi Arabia endured record-breaking temperatures above 50 degrees centigrade.

Read more ....

WNU Editor: No one wants to lose market share ... so expect prices to continue to be low for the foreseeable future.

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