Saudi Arabia's crude oil output tops 11 million b/d in August

PHOTO: Oil facilities in Dhahran, Saudi Arabia. Getty Images

Saudi Arabia's crude oil output reached 11.05 million b/d in August, which is up by 236,000 b/d from July, according to OPEC's Monthly Oil Market Report (MOMR). This is the kingdom's highest monthly production level since April 2020.

Last month, OPEC+ agreed boost output amid concerns over global supply disruptions following the Russia-Ukraine crisis.

However, the supply boost seems ended briefly after when the group decided to cut production by 100,000 b/d. The decision was taken last week in response to heightened volatility and increased uncertainty in the oil market.

By Konica Bhatt

Please get in touch with comments or additional info to news@engine.online