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FINANCIAL NEWS
Saudi oil production hits 10.1m bpd in June: OPEC
13 Jul 2012
(MENAFN) The Organization of the Petroleum Exporting Countries (OPEC) stated that in June, Saudi oil output reached a record high of 10.1 million barrels per day (bpd), reported Arabian Business.
OPEC said that the figure represents an increase of 300,000 bpd from May’s output.
The Kingdom boosted its production to offset a decline by Iran’s oil output, as sanctions reduced the Islamic Republic’s production to its lowest level in over twenty years.
It also said that Saudi Arabia increased its oil production in spite of a decline in global oil prices to less than USD90 per barrel in June from around USD130 per barrel recorded in March.
It is worth noting that in June, total OPEC oil output averaged 31.36 million bpd, representing a fall of 106,000 bpd from May.
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