Saudi Arabia increases oil production to record levels

REUTERS

The last time such high production was recorded in Saudi Arabia was in August 2013, when it reached 10.2 million barrels per day, according to Russian information agency RBC.

The Saudi oil minister confirmed that oil production in the country will remain at 10 million barrels per day. However, Naimi did not say why production had increased last month.

Analysts believe that Saudi Arabia, which controls about 10% of the oil world market, is trying to maintain its leading position by competing with U.S. shale drillers and Russian oil companies.