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Saudi crude burn hits new record

Saudi Arabia burned record monthly volumes of oil in June and July, official government figures show, contrary to the top crude producer’s plan to temper its summer oil burning spree this year with more gas.

The world’s leading oil exporter burned an average of 743,500 barrels per day (bpd) of crude in June and July, up 82,000 bpd from the same months last year, mainly to make electricity to keep the population cool, data issued under the Joint Oil Data Initiative (JODI) showed on Wednesday. more