Saudi oil output hits 11 million barrels per day in August

Saudi Arabia told OPEC it raised crude output to just over 11 million barrels per day last month, surpassing the symbolic level for the first time in two years, as the kingdom fulfilled its commitment to stabilizing global market commitment.OPEC agreed to speed up the resumption of supply suspensions ahead of a monthly report showing an increase in oil supplies, as the United States and other major consumers urged to rein in soaring fuel costs.This is the highest monthly production level Saudi Arabia has reported to OPEC since April 2020, when it surpassed 12 million bpd in a brief price war. In Saudi Arabia's decades as an oil exporter, the kingdom's oil production has rarely reached 11 million barrels.