Saudi Arabia is expecting a reduction in crude oil exports next month, despite earlier signs that Saudi Arabia—and Russia—have started to raise production even before the June 22 meeting with OPEC that sought to address the shrinking global oil supply and corresponding rising prices. Saudi Arabia is now expecting crude oil exports to dip by 100,000 bpd in August, according to a Reuters report, after yesterday reports that OPEC had increase production to more closely reflect the production cut agreement forged at the end of November 2016. While it initially took a while for OPEC members to gain traction in cutting production to the agreed upon levels, soon OPEC was over-complying thanks to additional cuts from Saudi Arabia and Venezuela. Earlier reports had President Donald Trump just weeks ago asking Saudi Arabia to increase oil production to make up for shortfalls in Venezuela as well as anticipated shortfalls in […]