Saudi Arabia raised oil output by around 500,000 bpd in June
Saudi Arabia has told OPEC it pumped 10.488 million barrels per day (bpd) of crude oil last month, an increase of 458,000 bpd from the level it said it produced in May, OPEC sources told Reuters.
Saudi Arabia’s total supplies to the market in June were even higher than well-head production, the sources said, suggesting the Kingdom sold crude from storage.
The sources said Saudi Arabia supplied 10.579 million bpd in June, a figure that includes domestic consumption and all exports, including from storage tanks.
Consultants Kpler estimated the kingdom’s oil exports rose by 407,000 bpd in June to 7.62 million bpd compared with May.
OPEC agreed with Russia and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a “measurable” supply boost but giving no specific numbers.
U.S. President Donald Trump on Wednesday again accused the Organization of the Petroleum Exporting Countries of driving gasoline prices higher and urged the oil producer group to do more.
Saudi King Salman bin Abdulaziz Al Saud assured Trump that the kingdom can raise oil production if needed and that the country has 2 million barrels per day of spare capacity that could be deployed to help cool oil prices to compensate for falling output in Venezuela and Iran.