OPEC's Biggest Members Pump Record Crude With Rally in Jeopardy
What's Behind Oil's Price Action?
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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.