Saudi Arabia’s oil production fell to 9.6 million barrels per day (b/d) in July and is expected to stay below the 10 million b/d level in the coming months, Reuters reported.
The kingdom’s crude output decreased by around 200,000 b/d compared with June.
Saudi production quota under the production cut agreement, sponsored by the Organization of the Petroleum Exporting Countries (OPEC), is at 10.3 million b/d. However, Saudi Arabia seeks to reduce oil inventories.
OPEC’s production fell to a new five-year low in June recording 29.6 million per day (b/d), down by 170,000 b/d compared with May, its lowest level since April 2014.
The output cut deal was recently extended until the end of March 2020 to maintain the global oil market balance.