Riyadh – Mubasher: Saudi Arabia increased its oil output to 10.7 million barrels per day (bpd) in June, 0.7 million bpd up from May’s production.
The world’s biggest oil producer is, apparently, aiming at decreasing oil prices and the mitigation of shortages in the production of Iran and Libya, according to a survey conducted by Reuters.
“Exports have been rising in June as well, the survey found. An industry source estimated shipments had climbed to around 8 million bpd in the last two weeks. They averaged 7.3 million bpd in April, the most recent official figure,” Reuters revealed.
In May, the President of the United States Donald Trump announced the US withdrawal from Iran nuclear deal.
The US urged all importers to cut oil purchases from Iran to “zero” by 4 November, or they might face sanctions.
Earlier in June, members of the Organization of Petroleum Exporting Countries (OPEC) stated that they agreed on increasing their oil production.
