Saudi Arabia has told Opec it has raised crude oil output to the highest level on record, as the country prepares for the return of regional rival Iran to international markets and for peak summer demand. n the monthly oil market report published by the oil producers’ cartel on Monday, Riyadh self-reported crude oil production of 10.6m barrels a day in June, an increase of more than 200,000 b/d on the previous month and its highest level since records began. If Saudi Arabia keeps increasing production at this rate, it could, by the end of the summer, be the first country to pump 11m b/d of crude since the former Soviet Union. While some of the elevated production will be aimed at meeting seasonal air-conditioning demand — the desert kingdom burns crude in power stations at times of peak consumption — the increase is notable.