Saudi Arabia keeps July oil output below 10 mn bpd- Saudi source

Fawad Maqsood July 31, 2019

DUBAI: Saudi Arabia’s oil production fell to 9.6 million barrels per day in July and will stay below 10 million bpd in the coming months, a Saudi oil source told Reuters on Wednesday.

Saudi’s July crude output is lower than its June production by around 200,000 bpd, the source said.

“We believe now after talking with customers and consumers that the market is getting tighter, as we see that the US commercial stocks are going down,” the source said.

Saudi Arabia’s production target under an output-cutting deal among the Organization of the Petroleum Exporting Countries and allies, a grouping known as OPEC+, is 10.3 million bpd.

The kingdom will continue to produce below that level in coming months, the source said, as it seeks to reduce oil inventories.

“Saudi Arabia has a strong commitment to the OPEC+ group decisions and is determined to see lower global oil stocks,” the source said.

Copyright Reuters, 2019

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