Saudis Reportedly Abandon OPEC Output Quotas
Saudi Arabia, the world’s biggest oil exporter, has abandoned its output quota set by the now-discarded production ceilings of the Organization of Petroleum Exporting Countries, an authoritative journal says.
The Middle East Economic Survey, a weekly known to have close ties to Saudi Arabia’s government, said in its latest edition that the Saudis have boosted output to more than 5 million barrels a day this month in a free-for-all that has sent prices for Persian Gulf crude as low as $7 a barrel.
The weekly, published in Nicosia, said Saudi Arabia has been ignoring its self-imposed commitment to limit output to 4.35 million barrels a day since early June, when production rose to 4.6 million barrels a day.
The weekly said Saudi production is expected to reach nearly 6 million barrels a day by the end of the month.
The average for July is expected to be about 5.8 million barrels a day.
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