Saudis Lift Oil Output Above Quota in Rare OPEC+ Breach

Saudi Arabia raised crude output far above its OPEC+ quota last month, joining other producers in a rush to export oil out of the Persian Gulf as Israel went to war with Iran, according to the International Energy Agency.

The kingdom raised crude production by roughly 700,000 barrels a day to 9.8 million barrels a day, with about 70% of the additional supply exported, the IEA said in its monthly report. It was a rare breach of agreed OPEC+ limits by Riyadh, which has repeatedly scolded other members for over-production.