Saudi Arabia's oil exports to stay below 7mn bpd in June

DUBAI: Saudi Arabia is expected to keep its crude exports below 7 million barrels per day in June, while output would stay under its production quota under a global deal to cut oil supply, a Gulf source familiar with Saudi oil plans said on Wednesday.

"Moderate requests have been received from customers for June liftings, which will all be met, most notably from countries which previously had waivers from sanctions against purchases of Iranian crudes that were recently discontinued by the US administration," the Gulf source said.

"Based on such requests, Saudi oil production for the month of June is expected to remain below its OPEC+ commitment, while exports will also stay under 7 million barrels per day."

The Gulf oil source also said that based on market conditions so far, current oil production level by OPEC and its allies should be sufficient to bring global oil inventories back to balance by the end of the year.