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At a time, when global commodities are facing one of the hardest time over China's second consecutive devaluation of Yuan, production drop in world's largest oil exporter seems to be providing some cushions to the fall.
- Saudi Arabia, Arab world's largest producer scaled back its production from record levels last month even as production boost from rival members push the total production group to new highs. OPEC production rose to 31.5 million barrel per day in July, up 0.1 million barrels/day.
- Saudi Arabia produced 10.4 million barrels/day of oil, down from record 10.6 million barrels/day in June.
Saudi Arabia is engaged in a strategy to overproduce to keep price low and to push high cost producers from the market, especially shale producers in US.
Overproduction from Saudi Arabia and other OPEC members from Middle East during summer has reignited the supply glut fears amid return of Iran in the oil market after nuclear accord reached between Iran and oil members.
This resulted in second round of rout in the oil market that pushed Brent benchmark to new six month low and below $50/barrel.
Brent is currently trading at $49.8/barrel, up 1.5% today so far.
