The Wall Street Journal: Saudi Arabia is churning out oil at a record pace, says OPEC

Saudi Arabia’s oil output hit an all-time high in July, OPEC said Tuesday, feeding a glut that has oil prices in a two-year slump.

Top oil exporter Saudi Arabia told OPEC that its July crude-oil CLU6, -0.33%LCOV6, -0.04% production hit a record of 10.67 million barrels as it meets seasonally higher domestic demand and focuses on maintaining market share rather than trimming supply to boost prices.

According to figures submitted by the kingdom to the Organization of the Petroleum Exporting Countries, its previous production high was 10.56 million barrels a day in June 2015.

The group’s kingpin saw its production rise in July by 30,100 barrels a day to 10.48 million barrels a day, based on OPEC’s secondary sources such as shippers, analysts and industry executives.

>>> Original Source <<<