Saudi Arabia said it raised oil output above 10m b/d — Opec report

Saudi Arabia said it raised oil output above 10m b/d — Opec report:

"Saudi Arabia said it has raised its production above 10m barrels a day — the highest in months — adding to the view that the kingdom is considering partially unwinding a supply cut deal among global producers.

The move, directly communicated to Opec for its monthly market report, comes ahead of next week’s meeting of energy ministers in Vienna and follows a quiet request from the US that producers raise production to compensate for any losses from Iran due to the reimposition of oil sanctions and keep prices in check.

The kingdom told Opec it had raised output to 10.03m barrels a day in May, up by 161,400 barrels from the previous month. Brent crude had risen above $80 a barrel in recent weeks, but has since retreated to around $77 a barrel."



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