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Saudi Arabia oil production rose to record highs in March
FXStreet (Mumbai) - Saudi Arabia boosted oil production in March by 658,800 barrels a day in March to an average of 10.294 million a day, which as per Bloomberg, is about half the daily production from the Bakken formation.
Saudi officials have repeatedly rejected the idea of reducing production in order to support prices. Specifically, al-Naimi, revealed that the kingdom’s oil production in March was 10.3-million barrels a day – a record high.
In March, both Iraq and Libya managed to boost production in spite of the violence in those countries. As a result, OPEC production in March was about 31.5-million barrels a day, an increase of 1.2-million barrels over February and 2-million barrels over March, 2014.
