Saudi Arabia has increased oil production in July to a record high of 10.62 million barrels per day. This is stated in its monthly report the International energy Agency (IEA), published on Thursday, August 11.
In comparison with July 2015, oil production in Saudi Arabia rose by 240 thousand barrels a day, noted the Agency.
The IEA draws attention to the fact that the Kingdom can increase its oil exports. The additional exports is estimated at more than 100 thousand barrels per day, mostly to Asian markets.
July 31, Saudi Arabia lowered the price to Asian customers, after which it ranged from 0.7 to 1.3 dollars per barrel, depending on grades of oil. Competing with Russia, Iraq and Iran, Riyadh has reduced the price of the extracted raw materials to maintain its share in the major Asian markets.
On 20 July, the newspaper The Wall Street Journal wrote about the fact that Saudi Arabia consistently reduces the oil reserves amid rising domestic demand, thus attempting to maintain the level of exports.
In mid-July, Bloomberg announced plans for the Kingdom to create the largest tanker fleet in the world to support its oil exports.
