Why Saudi Arabia’s oil output figures are drawing scrutiny | Financial Times:
Saudi Arabia’s oil production is arguably the most important number in the industry, determining whether the market will be under- or oversupplied. It is closely tracked by a host of actors from oil traders to the White House, so when it throws up surprises it quickly attracts attention.
In June the kingdom vowed to raise output, in a move widely seen as responding to pressure from US President Donald Trump after crude prices reached the highest level since 2014.
But after hiking output that month, the kingdom has said that it lowered output again in July. Figures provided by Saudi Arabia to Opec and published on Monday suggest it cut output by 200,000 barrels a day last month to 10.3m b/d— reversing about 40 per cent of the previous increase.
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