World's largest crude exporter Saudi Arabia saw its oil production rise 0.9% to 8.89 million barrels a day in May compared with 8.82 million barrels a month earlier, official data showed Monday.
World's largest crude exporter
Saudi
Arabia
saw its oil production rise
0.9% to 8.89 million barrels a day in May compared with 8.82 million barrels a
month earlier, official data showed Monday.
The kingdom exported 6.84 million barrels a day of crude oil and condensate in
May, up from 6.76 million barrels a day a month earlier, according to figures
posted on the Joint Organization Data Initiative website.
A Dow Jones survey showed earlier this month that Saudi oil output hit 9
million barrels a day in May, up from 8.55 million barrels a day in April. The
Arab world's largest economy pumped 9.5 million barrels a day last month,
according to the survey.
The Gulf state has pledged to raise its output as much 10 million barrels a day
after a meeting of the Organization of Petroleum Exporting Countries broke up
in June without any decision on how to guide crude-oil production, Gulf
officials familiar with the matter have said.
A senior Saudi oil official said earlier this month that the kingdom's average
oil output in June was 9.8 million barrels a day.
OPEC splintered into two camps:
Gulf states
led
by
Saudi Arabia
that
advocated for a 1.5-million-barrel-a-day increase to meet demand in the market
after the loss of oil supplies from
Libya
, and
other nations that opposed the move because of an uncertain outlook for the
global economy.
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