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August 11, 2016 9:40 am

Saudi Arabia, Iran Pump Oil at High Levels as US Producers Cut Back

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An Iranian oil rig. Iran is resuming oil production faster than expected. Photo: Screenshot.

An Iranian oil rig. Photo: Screenshot.

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 US oil stockpiles and on news that Saudi Arabia’s production rose to a record 10.67 million barrels a day in July.

Read full story at CNBC.

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