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Saudi Oil Output Sets Record Despite Global Glut

Posted on 11 August 2016

OPEC says kingdom’s July output rose to nearly 11 million barrels as it focused on market share over prices. The fight for market share among the world’s biggest oil producers is still raging, pushing output from OPEC members close to an all-time high in July and suggesting the group isn’t yet seriously considering a meaningful curtailing of production.
Output by Saudi Arabia, OPEC’s key member, reached a high last month, as part of a broader ramp-up by the Organization of the Petroleum Exporting Countries, according to OPEC data published Wednesday………………………………………..Full Article: Source


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