Bloomberg reported that Saudi Arabia pumped the most oil in 30 years last month as it boosted production along with other members of the Organisation of Petroleum Exporting Countries including Nigeria, Angola, Iraq, Kuwait and the United Arab Emirates.

The International Energy Agency said that daily supply from OPEC's 12 members rose to 30.26 million barrels per day in August from 30.09 million in July. Saudi Arabia produced 9.8 million barrels a day last month compared with a revised 9.7 million for July the highest in three decades.

It said that exports appear largely unchanged from July levels with the increased volumes dedicated to meet higher demand for direct crude burn. The country used about 700,000 barrels a day for power generation in July versus 615,000 in June.

(Sourced from Bloomberg)