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Saudi Arabia, Iran Pump at High Levels as U.S. Producers Cut Back

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Saudi Arabia is pumping record amounts of oil, and Iran is resuming production faster than expected — a strong sign neither is likely to easily entertain the idea of an OPEC deal to control production.

OPEC this week said it would hold an informal meeting on the sidelines of an Algerian energy conference in late September, and some members — mostly Venezuela — have been pushing for talks on a new pricing mechanism. Chatter about a possible OPEC deal at that meeting sent oil prices higher this week, but they were in sharp retreat Wednesday on reports of higher U.S. oil stockpiles and on news that Saudi Arabia’s production rose to a record 10.67 million barrels a day in July.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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