Saudi Arabia Stays True to OPEC+ Output Target Amid Brief Overproduction
Saudi Arabia confirmed its compliance with the OPEC+ production target, marketing 9.352 million barrels per day in June. A brief production excess was redirected as a contingency measure. OPEC+ plans to increase oil production in August by 548,000 barrels per day, responding in part to external pressures.
Saudi Arabia's energy ministry announced its adherence to the OPEC+ output target, stating that the kingdom's marketed crude supply in June was 9.352 million barrels per day, aligning with its agreed quota.
This statement follows an International Energy Agency report noting that Saudi Arabia's oil output for June exceeded the target by 430,000 barrels, reaching 9.8 million barrels. The ministry clarified that the excess production was temporarily redirected as a contingency measure for domestic inventory build-up and strategic repositioning, underlining that these additional volumes were neither domestically nor internationally marketed.
Furthermore, OPEC+ has committed to raising oil production by 548,000 barrels a day in August, a significant increment over preceding months, aiming to regain market share amid global pressures, including appeals from the United States to boost supply and stabilize gasoline prices.
(With inputs from agencies.)
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