Saudis Pledge to Keep Doing OPEC's Heavy Lifting as Shale Surges - Bloomberg

Saudis Pledge to Keep Doing OPEC's Heavy Lifting as Shale Surges - Bloomberg:

Saudi Arabia is fulfilling its pledge to make deeper cuts in oil output than the OPEC+ agreement on output requires, according to the first indication of the kingdom’s production since the supplier group extended curbs earlier this month. 


The de facto leader of the Organization of Petroleum Exporting Countries will pump less than 10 million barrels a day of crude in both July and August, according to a person familiar with Saudi energy policy. Saudi Arabia will limit exports to fewer than 7 million barrels a day, said the person, who asked not to be identified because the information isn’t public.

OPEC and partners including Russia agreed to keep cutting production through the end of March. The alliance is seeking to mop up excess crude in the market and buoy prices. Brent crude has gained about 1% this month to near $67 a barrel, helped by the extended cuts, geopolitical tensions and sanctions that crimped sales from Iran and Venezuela.