Special to WorldTribune.com

As Iran’s state-owned PressTV reported that the lifting of international sanctions against Teheran has already begun, Saudi Arabia announced it had produced 10.56 million barrels of oil per day in June, its highest level of production in over 30 years.

Teheran’s Day Bank was reported to have held an official ceremony to mark its re-entry into the SWIFT global banking system, the secure network that nearly every bank in the world uses to transfer money internationally.

SWIFT’s service to Iran had been canceled in 2012 by order of the European Council.

In anticipation of Iran’s rising economic and geopolitical clout in the region, the Saudis say they have kept up the high level of production despite a global slump in prices to protect their market share.

[Meanwhile, in Yemen on July 13 Saudi-led airstrikes killed 21 people in Sanaa, Reuters reported. The Saudis do not recognize the United Nations-brokered truce with Houthi rebels.]

Saudi Arabia reported to the Organization of Petroleum Exporting Countries (OPEC) that it had increased crude oil production 2.2 percent from the previous month.

China’s economic expansion drove the increase, according to Saudi Oil Minister Ali al-Naimi. Beijing took on more crude even though demand is expected to drop in 2016 and amid the free fall in China’s stock market last week.

Demand in Saudi Arabia, however, is expected to rise.

“In Saudi Arabia, oil demand figures were very robust during the month of May 2015, rising by around 30,000 bpd, or more than 12 percent, as compared with the same month in 2014,” the latest market report read.

Analysts say overall demand for OPEC-produced crude is expected to decline by 100,00 bpd in the second half of 215, but recover by 2016.

  Iran celebrates lifting of some sanctions in advance of nuclear deal, OPEC, U.S. output, WorldTribune.com