Saudi Oil Output Rises 1.16% in June

Saudi Oil Output Rises 1.16% in June
Haradh, SAUDI ARABIA: A general view shows a new plant inaugurated 22 March 2006 in Haradh, about 280 kms (170 miles) southwest of the eastern Saudi oil city of Dhahran, launching a project adding 300,000 barrels of oil to the kingdom’s daily production capacity. The facility which was opened today in a ceremony attended by Saudi Oil Minister Ali al-Nuaimi was completed in January, ahead of schedule, the company said. Approximately 160 kms (100 miles) of new pipeline and extensions will transport crude and gas products to processing facilities further north in the Eastern Province, a statement said. Saudi Arabia, the world’s top crude producer and exporter, currently pumps around 9.5 million bpd of oil and has a production capacity of around 11 million bpd. AFP PHOTO/STR (Photo credit should read -/AFP/Getty Images)

Saudi Arabia, the world’s top crude oil exporter, produced 9.782 million barrels per day (b/d) in June up from 9.67 million b/d in May, Reuters reported.

A recent survey showed that the Organization of the Petroleum Exporting Countries (OPEC) output fell to a new five-year low, as it amounted to a total of 29.6 million b/d in June, down by 170,000 b/d compared with May, recording its lowest level since April 2014.

OPEC and its allies, known as OPEC+, agreed to extend the production cut agreement during their sixth ministerial meeting in Vienna on July 2.

However, Saudi Arabia has kept its crude production below the deal’s output target of 10.3 million b/d.

The increase in Saudi crude production did not offset the reduction in Iran and Venezuela’s output due to US sanctions, according to Reuters.

Meanwhile, the Saudi Commercial Anti-Concealment National Program will implement the e-payment system in filling stations starting from July 17, according to Mubasher.


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