August 10, 2016
Saudi Arabia and Iran increased oil production last month to the highest levels since 2008. Saudi Arabia boosted oil output to a record 10.67 million barrels a day in July. Iran’s daily July output was up to 3.85 million barrels.
An informal meeting among OPEC members is planned next month in Algeria, to discuss ways to stabilize falling prices, which have dropped 50% since 2014.
Saudi Arabia, the world’s largest crude exporter, is battling Iran for market share by cutting prices in Asia. Global oil markets continue to weaken, a condition that’s dragged prices to three-month lows, and is expected to persist as a result of slowing seasonal demand and abundant inventories.
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Tags: oil production