The International Energy Agency (IAE) reported on Wednesday that Saudi Arabia is significantly increasing its daily oil production, reaching 9.8 million bpd in July, the highest production level for the country in 30 years [Gulf Times, 9 August].
OPEC countries also increased their output in July, reaching 30.5 million bpd as compared to 29.9 million bpd in June. With the exception of Iran, OPEC members have exceeded their quotas this year. OPEC provides 40% of the world’s crude.
In its monthly oil market report, the Paris-based IAE said the oil output has regained levels close to pre-Libyan levels, but still below what the market demands.