Saudi Arabia is planning to pump a record amount of crude in July, Bloomberg reported, citing people briefed on the Kingdom’s output policy.
Saudi Aramco, the world's largest oil producer, is planning to boost production next month to about 10.8 million barrels per day (bpd), surpassing the previous high of 10.72 million bpd in November 2016, the report said.
Last week, Saudi energy minister Khalid Al-Falih told the meeting of the Organization of Petroleum Exporting Countries in Vienna that “they would do whatever is necessary to keep the market in balance and prioritize its customers.”
In May, the Kingdom had pumped 10.03 million bpd.
"The actual production level in July will depend on demand for exports and domestic consumption, so could end up ranging between 10.6 million and 11 million bpd," the people told the news agency.
On Tuesday, Energy Aspects said the increase in oil output, which OPEC and non-OPEC oil producers agreed on last week, will mostly come from Saudi Arabia and its exports are likely to be from light crude.
Meanwhile, Bank of America Merrill Lynch (BofAML) said that the OPEC+ "flexible and coordinated" exit strategy will allow the Kingdom to regain market share with the oil cartel.
Global benchmark Brent crude rose 0.46 percent at $76.66 per barrel (bbl), while US West Texas Intermediate (WTI) crude was up 0.41 percent to 70.82/bbl on early Wednesday morning.
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