Saudi oil output hits record 10.3mn bod in March
March figure surpassed Kingdom's peak production in August 2013
Saudi Arabia's crude oil production has reached record high levels in March surpassing its most recent peak in August 2013, Reuters has reported.
Oil Minister Ali al-Naimi said that the Kingdom produced some 10.3mn barrels of oil per day (bpod) versus 10.2mn bpod in August 2013.
Saudi Arabia's 10.3mn bopd have been feeding unexpectedly strong demand from foreign refiners and have increased domestic capacity.
Earlier last month, Naimi put production in March at around 10mn bdp, some 350,000 bpd above what Saudi Arabia said it pumped in February.
While Naimi did not say why production had increased last month, he said in the speech in Riyadh that the Kingdom's output would likely remain around 10mn bpd.
Furthermore, he said there were no current plans to increase produciton beyond 12.5mn bopd since demand was currently insufficient.