Top oil exporter Saudi Arabia increased its crude oil supply by 445,000 barrels a day to 10.31 million barrels a day in June from a month earlier, the Gulf Oil Review reported Wednesday.
Top oil exporter
Saudi Arabia
increased
its crude oil supply by 445,000 barrels a day to 10.31 million barrels a day in
June from a month earlier, the Gulf Oil Review reported Wednesday.
The kingdom produced 10.10 million barrels a day last month, compared with 9.81
million barrels per day in May, according to the report published by Petroleum
Policy Intelligence.
The Gulf state is currently producing around 10 million barrels a day, a person
familiar with the situation said last week, giving little sign that the country
has started making the output cuts demanded by some members of the Organization
of Petroleum Exporting Countries.
The kingdom increased its output in June due to higher demand domestically and
from its customers, the person, who asked not to be named, told Dow Jones
Newswires.
OPEC last month agreed to maintain its existing oil-production ceiling and
pledged to rein in overproduction after some members complained that a glut of
oil due to higher output from
Saudi
Arabia
and other Gulf countries
could lead to a price crash.
Since OPEC's last meeting,
Iran
and
Algeria
have
called for an emergency gathering, while the group's president, Iraqi Oil
Minister Abdul Kareem Luaiby, has already sent a letter to member states
reminding them to comply with the ceiling.
But some analysts say that the kingdom will only continue pumping at high
levels until the end of the summer mainly to quench its soaring demand for
energy during the hot season and offset the gradual output drop of sanction-hit
Iran
.
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