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Saudis Ramping Up Oil Output To Gain Leverage In OPEC Talks

Posted by Admin on Aug 20, 2016 at 12:01 AM

The Saudis are "quietly telling the market" that production may increase in August to 10.8 million-10.9 million bpd

By Tsvetana Paraskova
Saudi Arabia suggests it may be increasing its August crude output to a new all-time high as it could give it more leverage to influence the September informal talks on a possible production freeze, Reuters reported on Wednesday, citing industry sources.

Saudi Arabia – OPEC’s biggest producer — pumped a record 10.67 million barrels per day in July, up by some 120,000 bpd compared to June. The Saudis are usually ramping up production in the summer with the higher demand for crude, but what was unusual was that production hit a record high, above last summer’s peak.

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