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.
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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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