Saudi Arabia’s July oil output hits record high
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Saudi Arabia apprised OPEC regarding the record oil production of 10.67 million barrels per day in July in order to supply the surging local demand. This increase will not sit well with other members of OPEC who are seeking output limits for price equilibrium.
According to OPEC’s submission, the output set a new record and outpaced the previous all-time production of 10.56 million barrels per day recorded in July 2015.
Some analysts commented that Saudi Arabia’s record output is not a surprise since the country maintained exports and produced more in order to meet the local demand in summer.
Russia and Iran increased shipments to major markets such as India and China at the same time that Saudi Arabia’s output is rising. Saudi Arabia is challenged by Russia for supplying China. Bloomberg data shows that, on a monthly basis, China imported seven times more from Russia than from Saudi Arabia since May 2015.
According to OPEC’s submission, the output set a new record and outpaced the previous all-time production of 10.56 million barrels per day recorded in July 2015.
Some analysts commented that Saudi Arabia’s record output is not a surprise since the country maintained exports and produced more in order to meet the local demand in summer.
Russia and Iran increased shipments to major markets such as India and China at the same time that Saudi Arabia’s output is rising. Saudi Arabia is challenged by Russia for supplying China. Bloomberg data shows that, on a monthly basis, China imported seven times more from Russia than from Saudi Arabia since May 2015.
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