Saudi Arabia increased output in July to nearly 10.7 mbd – BBG

Saudi Arabia has pumped nearly 10.7 million barrels per day during July in order to meet its domestic demand, said news agency Bloomberg on Wednesday, posting at the same time a new all-time production high.

The news poured cold water over expectations of a potential agreement between oil producers on an output freeze at the OPEC meeting in Algiers in September.

Crude oil prices are now trading in red figures, with the barrel of WTI slipping to the $42.00 neighbourhood and Brent crude hovering over $44.30 per barrel.