Saudi Reaping $1 Billion Daily in Oil Export Revenue

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Ajay Makan reports in the Financial Times that Saudi Arabia is pumping out more crude oil than at any time since at least the 1970s:

The trigger for the jump in Gulf production has been huge disruption to supplies from Libya, where striking workers and militias have reduced exports from about 1m b/d to merely a trickle. Saudi Arabia has responded by pushing output to 10.2m barrels a day in August, according to the International Energy Agency, the most in IEA records. The country is now reaping more than $1bn a day in export revenues.

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