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.