Saudi Reaping $1 Billion Daily in Oil Export Revenue

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.