OPEC kingpin Saudi Arabia's oil production in June reached its highest level in three decades, averaging 9.8 million barrels a day, the International Energy Agency said Wednesday.
OPEC kingpin
Saudi Arabia
's oil
production in June reached its highest level in three decades, averaging 9.8
million barrels a day, the International Energy Agency said Wednesday.
This is because the Saudis have stepped in to replace around 70% of the oil
production shut down by the Libyan civil war, the IEA said in its monthly oil
market report.
The kingdom has increased oil output by 1.1 million barrels a day since the
outbreak of hostilities in
Libya
, it
said.
"The last time
Saudi Arabia
produced around the 10 million barrel a day mark was in 1981, after the Kingdom
had earlier surged output to offset lost supplies from
Iran
following the fall of the Shah," the IEA said.
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