Top oil exporter Soddy Arabia...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in their national face...
ramped up output to record rates in June despite a big drop in oil prices as Iranian production sank to its lowest in more than 20 years, OPEC said on Wednesday.
Riyadh said it pumped 10.1 million barrels per day (bpd) last month, up 300,000 bpd on May, according to a monthly report from the Organization of the Petroleum Exporting Countries.
Iran's output slumped by almost 190,000 bpd to 2.96 million bpd, according to secondary sources, OPEC said, allowing former rival Iraq to overtake it as the 12-member group's second biggest producer after Saudi Arabia.
Riyadh's high production underlines the kingdom's aim to support the world economy despite a fall in crude prices in June to below $90 (57.81 pounds) a barrel from near $130 in March.
Industry sources expect Saudi flows to drop below the 10 million bpd mark this month due to reduced demand from Asia.
In addition to the 10.1 million bpd pumped from Saudi oilfields, Riyadh also topped up supplies in June with about 200,000 bpd from storage, an industry source told Rooters.
At the same time, Iran's supply dropped sharply as the European Union
...the successor to the Holy Roman Empire, only without the Hapsburgs and the nifty uniforms and the dancing...
embargo that took effect on 1 July further limited its production.
Iran did not submit its own production figures to OPEC for June, the first time it has not done so this year. In May, it reported an output figure of 3.76 million bpd, 600,000 bpd above estimates from secondary sources.