http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png 0 0 RSS FEED http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png RSS FEED2018-06-27 03:36:442018-06-27 03:36:44Saudi Arabia Reportedly Planning Record-Breaking Boost In Oil Production
Saudi Arabia Reportedly Planning Record-Breaking Boost In Oil Production
Saudi Arabia plans to pump up to 11 million barrels of oil per day (bbl/d) in July, the highest in its history, up from about 10.8 million bbl/d in June, an industry source familiar with Saudi oil production plans told Reuters on June 26.
OPEC agreed with Russia and other oil-producing allies on June 23 to raise output from July by about 1 million bbl/d, with Saudi Arabia pledging a “measurable” supply boost but giving no specific numbers.
It was not immediately clear whether most of the output will move towards exports or Saudi inventories. A second industry source said the boost in output “will go to the market” without giving more details.