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[size=36]Saudi Arabia plans to raise oil production to 10 million barrels in June[/size]
Economy | 01:29 - 04/05/2019
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familiar with Saudi policy sources said that the Kingdom 's production of oil could rise in June, but the extra crude could be used to generate electricity locally is not to promote exports , which Washington wants.
The sources added that any increase in production of Saudi Arabia will remain within its production share within the framework of the supply reduction agreement concluded between OPEC and its allies, within the group, which is known as "OPEC +".
Saudi Arabia's largest crude exporter is expected to reach around 10 million bpd in May, slightly higher than April, but remains below the 10.3 million barrels per day (bpd) OPEC quota, according to industry sources.
The sources pointed out that the increase in May production is not linked to Washington's efforts to pump more OPEC oil after the end of the exemptions granted to the purchaser of Iranian crude. The exemptions allowed the purchase of oil from Iran despite US sanctions.
"The Saudis want oil prices to stay at current levels for at least a month or two and not to increase production above 10.3 million bpd because they are part of the Opec + agreement, but they are also under pressure from the United States to increase production," one source said.
"The sure thing is that if customers ask for more oil they will then raise production," he said.
It is usual for Riyadh to increase production during the hot summer months to feed its oil-powered power plants and meet high demand, which means that exports do not necessarily rise.
Last week, US President Donald Trump said he had contacted Saudi Arabia and OPEC and asked for a reduction in oil prices, but did not say who he spoke with or when.
Oil prices rose to a six-month high last week, above $ 75 a barrel, partly because of worries about a drop in Iranian supplies. Brent hit $ 70 on Thursday
familiar with Saudi policy sources said that the Kingdom 's production of oil could rise in June, but the extra crude could be used to generate electricity locally is not to promote exports , which Washington wants.
The sources added that any increase in production of Saudi Arabia will remain within its production share within the framework of the supply reduction agreement concluded between OPEC and its allies, within the group, which is known as "OPEC +".
Saudi Arabia's largest crude exporter is expected to reach around 10 million bpd in May, slightly higher than April, but remains below the 10.3 million barrels per day (bpd) OPEC quota, according to industry sources.
The sources pointed out that the increase in May production is not linked to Washington's efforts to pump more OPEC oil after the end of the exemptions granted to the purchaser of Iranian crude. The exemptions allowed the purchase of oil from Iran despite US sanctions.
"The Saudis want oil prices to stay at current levels for at least a month or two and not to increase production above 10.3 million bpd because they are part of the Opec + agreement, but they are also under pressure from the United States to increase production," one source said.
"The sure thing is that if customers ask for more oil they will then raise production," he said.
It is usual for Riyadh to increase production during the hot summer months to feed its oil-powered power plants and meet high demand, which means that exports do not necessarily rise.
Last week, US President Donald Trump said he had contacted Saudi Arabia and OPEC and asked for a reduction in oil prices, but did not say who he spoke with or when.
Oil prices rose to a six-month high last week, above $ 75 a barrel, partly because of worries about a drop in Iranian supplies. Brent hit $ 70 on Thursday
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