Saudi Arabia Oil Output Rises To Highest In 30 Years As US Output Levels Of thumbnail Saudi Arabian oil production has increased to its highest level in three decades, just as U.S. output is expected to drop from its 30-year high. Fearing a loss of global market share, the oil-rich kingdom has kept its crude oil spigots open despite a U.S. oil boom that’s contributed to a glut driving prices to about half what they were a year ago. The Organization of Petroleum Exporting Countries (OPEC) said Thursday that Saudi Arabia’s March daily crude oil output averaged 10.29 million barrels per day, an increase from the previous month of 658,800 barrels per day. The increase is equivalent to more than half of the oil coming out of the northern Bakken formation that’s at the center of the U.S. oil extraction boom, according to Bloomberg . “Crude oil output increased mostly […]