Oil production in Saudi Arabia, the world's largest crude exporter, rose to 10.1 million barrels per day in June, from 9.8 million barrels per day a month earlier, a person familiar with the situation said Wednesday.
Oil production in Saudi Arabia, the world's largest crude exporter, rose
to 10.1 million barrels per day in June, from 9.8 million barrels per day a
month earlier, a person familiar with the situation said Wednesday.
The output rose on demand from customers and the Kingdom is currently producing
around 10 million barrels per day, the person, who asked not to be named, told
Dow Jones Newswires.
A Dow Jones survey showed earlier this month that the Arab world's largest
economy produced 10.05 million barrels per day in June, unchanged from a month
earlier.
In June, the Organization of the Petroleum Exporting Countries agreed to
maintain its existing oil-production ceiling of 30 million barrels a day and
pledged to rein-in overproduction after some members complained that a glut of
oil could lead to a price crash. OPEC didn't disclose any individual production
quotas for its members, but asked them to adhere to the collective production
limit and warned the global economy faces downside risks.
OPEC president, Iraqi Oil Minister Abdul Kareem Luaiby, has already sent a
letter to member states reminding them to comply with the ceiling, but analysts
say
Saudi Arabia
is
unlikely to lower its high output in the short term.
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