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Top oil exporter Saudi Arabia has boosted supply to 10.70 million barrels per day in June, close to a record high, a Reuters survey found on Friday, a sign the kingdom wants to make up shortfalls elsewhere in the group and moderate prices.
That is up 700,000 bpd from May and means oil supply from the Organization of the Petroleum Exporting Countries will be higher in June despite a drop in Iranian exports and outages in Libya, according to the survey’s preliminary results.
“The Saudi number for June will be very, very high,” an industry source who tracks the kingdom’s oil output said. “Surprisingly high.”
The Saudi move is a clear indication it wants to moderate oil prices – which this year hit $80 a barrel for the first time since 2014, prompting consumers like the United States to raise concerns – and to make up shortfalls in other OPEC members.
OPEC and a group of non-OPEC countries agreed on Saturday that they would return to 100 percent compliance with previously agreed oil output cuts, after months of underproduction by OPEC countries including Venezuela and Angola.
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