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Saudi Arabia has raised crude oil output to the highest level on record.
OPEC's monthly oil report showed Saudi Arabia increased production by more than 0.2 million barrels per day in June and pushed the net production to 10.6 million barrels/day.
Strategy of Saudi Arabia has been to crowd out the market and push prices lower such that high cost producers had to lose customer base due to their irregular supply over low or no profit even loss.
Saudi Arabia producing 10.6 million barrels/day, US producing 9.7million barrels/day, Russia producing 10.5 million barrels/day and OPEC regularly beating 30 million barrels/day production quota oil market is likely to remain oversupplied in the foreseeable future.
Moreover a deal with Iran might get sealed by this month with international superpowers which would mean additional supply to an already oversupplied market.
WTI crude is currently trading at $51.8/barrel, with $6.6/barrel discount to Brent.
As suggested in previous posts, WTI is likely to drop further around $42 area. As of now Key resistance lies at $61 area.
