The Middle East Is Producing Record Amounts of Oil

The Middle East produced record amounts of oil in June, according to the International Energy Agency. At the same time, U.S. crude production has dropped. Oil production in the Middle East topped 31 million barrels a day during the month, largely amid a boost from Saudi Arabia. U.S. output fell by 140,000 daily barrels to 12.45 million in June. The numbers highlight Saudi Arabia's push to maintain its market share, amid competition from Iran and the U.S. Prices for West Texas Intermediate, the U.S. benchmark for oil, have nearly doubled since their 2016 low of $26.21 a barrel, reached on February 11. Oil now trades just over $46 a barrel. TheStreet's Scott Gamm reports from Wall Street.