Saudi Arabia boosted its output to a record high of 10.67mb/d in July, up from 10.55mb/d in June, according to figures it provided to the Organization of the Petroleum Exporting Countries (OPEC), Reuters reported. The boost in production was planned to meet the country’s increase in demand during peak summer months.
Previously, Saudi Arabia stated that it will work with OPEC and non-OPEC members to help stabilize oil markets during a meeting scheduled for September in Algeria on the sidelines of the International Energy Forum (IEF). Saudi Energy Minister, Khalid al-Falih, said in a statement: “We are going to have a ministerial meeting of IEF in Algeria next month, and there is an opportunity for OPEC and major exporting non-OPEC ministers to meet and discuss the market situation, including any possible action that may be required to stabilize the market,” Reuters informed.
OPEC expects demand for its oil to average 33.01mb/d in 2017, which suggests a daily surplus of 100,000 barrels. According to Signs On The Times, global oil prices further declined by almost 15% in July, trading flat at $45.19 for Brent and $42.89 for US WTI, over concerns that oversupply of crude and finished products would delay the rebalancing of the market.