Saudi oil output rises in May, but remains below OPEC quota: report

12/06/2018 Argaam

 

Saudi Arabia has told OPEC that it raised oil output to a little more than 10 million barrels per day (bpd) in May, but remained within its agreed target, Reuters reported, citing a source familiar with the matter.

 

The Kingdom reported production of 9.868 million bpd in April, compared with its OPEC output target of 10.058 million bpd.

 

OPEC members and non-members, including Russia, have curtailed production by 1.8 million barrels per day until the end of 2018 to stabilize global oil prices. They are scheduled to meet in Vienna this month to discuss the future of their landmark 2016 accord.

 

Meanwhile, OPEC will report May production figures on Tuesday.

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