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Tuesday, 11 July 2017

Saudi Arabia Exceeds Oil-Production Cap for First Time - Bloomberg

Saudi Arabia Exceeds Oil-Production Cap for First Time - Bloomberg:

"Saudi Arabia told OPEC it pumped 10.07 million barrels a day in June, a person with knowledge of the data said, exceeding its production limit for the first time since brokering a deal to curb global crude supply to counter a glut. The world’s biggest oil exporter boosted output from 9.88 million barrels a day in May, surpassing the limit of 10.058 million it accepted in an agreement between OPEC and other major suppliers including Russia. Under the deal reached in December, Saudi Arabia agreed to reduce production by 486,000 barrels a day, the most of any country participating in the cuts. The person with knowledge of the June data asked not to be identified because the information isn’t public. Saudi Arabia usually boosts production during summer months to meet demand for power for air conditioning, leaving less output for exports. Demand got an extra bump this year in June because of the fasting month of Ramadan, when millions of Muslims visit Saudi Arabia, according to Sadad al-Husseini, a former executive vice president at Saudi Arabian Oil Co., the nation’s main oil producer."



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