Saudi energy minister says oil output reached 8.48 mln bpd in May

01/06/2021 Argaam

Energy Minister Prince Abdulaziz bin Salman

Saudi Arabia's oil production reached 8.48 million barrel per day (bpd) in May, said Energy Minister Prince Abdulaziz bin Salman.

 

The statements came on the sidelines of the ministerial meeting of OPEC+ alliance, according to Al-Arabiya TV.

 

OPEC+ will continue meeting until the end of the current oil output agreement.

 

The vaccination drive worldwide will lead to more rebalancing of the oil markets. Furthermore, demand in the US and China is continuing to improve, the minister was cited by media reports as saying.

 

The minister also indicated that there are clear indications for a rebound in demand for crude, noting that the market welcomes more supply from OPEC+ countries.

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