OPEC Oil Production Climbs as Saudi Arabia Pumps Near Record
- Kingdom raises output 230,000 barrels a day to 10.65 million
- Iraq and Nigeria also increase; Iran and Venezuela decline
Photographer: Andrey Rudakov/Bloomberg
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OPEC’s crude output increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met.
The kingdom’s oil production grew by 230,000 barrels a day in July, to 10.65 million barrels per day. This is just shy of an all-time peak reached in 2016, according to a Bloomberg survey of analysts, oil companies and ship-tracking data.