From the Field
Saudi oil output hits record
VIENNA, August 10, 2016 – An uptick in seasonal domestic demand has propelled Saudi Arabia’s crude production to an all-time record of 10.67 million bopd, the country told OPEC on Wednesday. The figure beats Saudi Arabia’s previous record, set in June 2015, by 111,000 bopd
OPEC’s secondary sources put Saudi Arabia’s oil production in July at 10.48 bopd, the organisation’s monthly report revealed. During the hot summer months, the country resorts to burning oil for power generation to drive its many air-conditioning units. In 2015, around 900,000 bopd were used for electricity in summer, with the yearly average hitting 600,000 bopd.
In total, OPEC production in July came out at 33.11 million bopd, up 46,000 bopd.