| OPEC is producing nearly a million more barrels of oil each day than the target the cartel set last week, and the bulk of the excess is coming from two countries: Saudi Arabia and Iraq. Iraq pumped about 3.8 million barrels a day in May, according to a monthly report by the Organization of the Petroleum Exporting Countries, a level that, if sustained, would set a national record.
Saudi Arabia said it put out 10.3 million barrels a day, a historically high figure up almost 600,000 barrels since its pivotal decision last year to abandon its usual strategy of defending oil prices by cutting production...............................................Full Article: Source
|