Saudi Arabia Plans to Pump 11 mb/d in July

Saudi Arabia Plans to Pump 11 mb/d in July
KUWAIT – JANUARY 15: A derek pumps in a oil field January 15, 2003 near the Saudi Arabian border, Kuwait. Kuwait produces 10% of the worlds oil and has promised to increase production as needed in the event of a war in Iraq. (Photo by Joe Raedle/Getty Images)

Saudi Arabia plans to pump 11 million barrels per day (mb/d) in July, a record high for the country, up from 10.8 mb/d in June, a source close to the situation told Reuters.

OPEC agreed at its meeting in Vienna on June 22 to raise production by roughly 1 mb/d, although no specific figures were released.

The decision came 18 months after the OPEC+ agreement that enforced supply cuts of 1.8 mb/d.

An industry source stated that the increased output would “go to the whole market” instead of just Saudi reserves.

OPEC stated that the production increase will remain in compliance with the original January 2017 agreement as Venezuela’s steep and unexpected drop in output has lead to months of underproduction.

Aramco has 2 mb/d in spare capacity, double the expected production increases mandated in the Vienna OPEC meeting, CEO Amin Nasser said on June 25.

Sarah Samir 3401 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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