LONDON--Saudi Arabia told the Organization of the Petroleum
Exporting Countries that it increased its oil production by 107,000
barrels a day last month, defying market hopes that the OPEC
kingpin might cut its output in the face of free falling
prices.
The information published in OPEC's monthly oil market report
Friday contrasts with data provided by secondary sources, which in
the same report said the Kingdom's output fell by 50,000 barrels a
day last month to 9.6 million barrels a day. That is 100,000
barrels a day less than the number Saudi Arabia said it pumped.
It is not uncommon for the information provided by OPEC members
and secondary sources in the organization's monthly report to show
discrepancies, but the fact that Saudi Arabia is publicly saying it
is pumping more oil at a time when many member countries are hoping
it will cut back to prop up oil prices is significant.
Signs of tension within the oil producers group are already
emerging ahead of its semi-annual meeting in in Vienna in November.
The steep drop in oil prices over the summer is likely to make for
heated discussions in Vienna over the group's output.
Write to Sarah Kent at sarah.kent@wsj.com
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