Saudi Arabia has been the leader of oil production in the world.
Saudi Arabia told OPEC that the July oil production of the country reached a record of 10.67 million barrels per day compared to 10,55 million barrels in June.
See also OPEC and Saudi Arabia believe that the oil market is moving toward balance “the Previous national record was recorded in June of 2015 – of 10.56 million barrels of oil per day”, – stated in the message.
According to one source, the increase in July, driven by rising demand from power companies in the country. Wednesday will be published the monthly report with data on the oil market for July.
In June 2016, the total OPEC oil production rose compared with may by 264 thousand barrels per day – up to 32,86 million barrels a day.
Thus, OPEC has continued to exceed its own production quotas, which formally amounts to 30 million barrels per day.
