Saudi Arabia says oil output hit record high in July

Top oil exporter makes announcement in sign that it remains focused on market share rather than tackling supply glut
Saudi Arabia says oil output hit record high in July
By Reuters
Wed 10 Aug 2016 04:05 PM

Top oil exporter Saudi Arabia boosted its output to a record high in July, it told OPEC, in a sign that key members remain focused on market share rather than tackling a supply glut by curbing production.

The kingdom pumped 10.67 million barrels per day in July, according to figures it provided to the Organization of the Petroleum Exporting Countries which published them in a monthly report on Wednesday.

Saudi-based industry sources had said in April that output would rise in coming weeks to meet summer power demand.

The July figure is up from 10.55 million bpd in June and above the previous record of 10.56 million bpd achieved in June 2015.

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