Saudi crude output reaches record high
Saudi Arabia The Middle Eastern power has raised production in anticipation of Iranian crude oil returning to the market following the ratification of the nuclear deal with Iran. Estimates suggest that Saudi Arabia could be the first country since the former Soviet Union to reach production levels of 11 million barrels of oil per day.
In addition to abrogating the effect of a market that includes resources from Iran, Saudi Arabia has openly stated its desire to return market share to countries with low production costs, such as <a href=’https://theenergyyear.com/companies-institutions/opec/’>OPEC members. The recent high production rates in these countries have led prices to fall below $60 per barrel once again.
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