OPEC's Biggest Members Pump Record Crude With Rally in Jeopardy - Bloomberg Business

OPEC's Biggest Members Pump Record Crude With Rally in Jeopardy - Bloomberg Business:



"OPEC’s biggest members are pumping record amounts of crude and this year’s rally in prices is under threat, the International Energy Agency said.



Saudi Arabia, Iraq and the United Arab Emirates, accounting for at least 18 percent of global oil output, each produced at a record last month, the IEA said. The 12-nation Organization of Petroleum Exporting Countries agreed on June 5 to leave its crude-output quota unchanged, choosing to defend its market share rather than prices.



Oil’s 45 percent rally since mid-January was caused in part by some disruptions to supplies of oil products such as gasoline and diesel, according to the IEA. As refinery projects are completed, that should ease and curb the gains, the agency said."



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