Saudi Arabia just pumped a record amount of oil

Saudi Arabia pumped a record amount of crude oil last month.

The world’s largest oil exporter added 10.3 million barrels of oil per day, according to Reuters, citing a Gulf industry source.

The source said the increase in production was a sign of strong demand from Asia, and a forthcoming increase in consumption during the summer.

The 12-member oil cartel OPEC has been fighting to keep its market share since the US shale boom showed no sign of slowing down. Several members, including Saudi Arabia, have chosen not to cut production, even though oil prices tumbled more than 60%.

The news comes after a Wall Street Journal report Monday on an OPEC draft report that forecasts oil will not climb above $US100 per barrel in the next decade.

West Texas Intermediate crude oil rallied over 2% to around $US60.80 per barrel on Tuesday. Brent crude, the international benchmark, gained nearly 3% toa s high as $US67.50 per barrel.

Here’s a chart showing the jump in WTI on Tuesday:

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