IEA said, oil production from the Middle East has climbed to a record while U.S. output slumps, in a sign that OPEC's strategy of defending market share is succeeding.
Middle Eastern output exceeded 31 million barrels a day for a third month in June amid near-record supply from Saudi Arabia, while U.S. oil production slid 140,000 barrels a day to 12.45 million. While the re-balancing of global oil markets is progressing, record-high inventories remain a threat to the recent stability of oil prices.
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