Saudi oil production rises in August after surprise July drop

Saudi Arabia’s crude oil production rose again in August following a surprise drop in production in July, according to reports.

The Kingdom’s crude oil production in August rose to 10.424 million barrels per day compared to 10.288 million bpd in July, an OPEC source told Reuters.

In June, Bloomberg reported that Saudi Arabia was planning to pump “a record amount of crude in July, embarking on one of its biggest-ever export surges to cool down oil prices.”

But in fact Saudi Arabia’s crude oil production surprisingly dropped in July by around 200,000 bpd from June.

The Kingdom returned to near-June levels in August, according to the Reuters story.