Oil Under Pressure As Saudis Break Key Promise

12 Jul 2017   OPEC, Saudi Arabia

Saudi Arabia has told OPEC that it had pumped 10.07 million barrels per day in June, up by 190,000 bpd from May, and exceeding its 10.058-million-bpd production level quota under the output cut deal, Bloomberg reported on Tuesday, citing a person with knowledge of the data. OPEC’s Monthly Oil Market Report with data for June is expected to be released on Wednesday, July 12 . According to the latest currently available OPEC report with data for May, Saudi Arabia directly communicated to OPEC that its crude oil output in May was 9.880 million bpd . According to secondary sources, which the market is looking at, Saudi Arabia’s oil production in May was 9.940 million bpd. Under the OPEC/non-OPEC deal to cut production, Saudi Arabia pledged to take 486,000 bpd off its October 2016 level output and keep production at 10.058 million bpd . The market will be watching closely […]

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