Increased local energy consumption and sanctions on Iran put Saudi oil output on track to reach record levels. (Reuters)
Analysts predict that Saudi Arabia will surpass its record oil output this year, despite pressure from other oil exporting countries to cut back and help increase world oil prices, the Wall Street Journal reported on Monday.
The Saudi high output comes to offset a decline from Iran which is under international sanctions.
“Our data shows that Saudi Arabia is actively going out there trying to take up Iran's market share,” an analyst said.
Saudi Arabia’s average production level was 9.94 million barrels a day in the first half of 2012. Analysts told the paper that the output averaged 9.9 million to 10 million barrels a day in July due to increased exports and more consumption of crude to meet the high domestic demand for electricity used for air conditioning in summer months.
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