Saudi signals it may hit new oil output record ahead of freeze talks, sources say

Saudi Arabia is sending signals that it could boost its crude oil supplies in August to a new record level, overtaking Russia, the world’s top oil producer, as it gets ready for tough talks next month for a global output freeze pact.Industry sources say the kingdom, already the world’s largest oil exporter, started to raise production from June, after holding it steady for the first half of the year, to meet rising seasonal domestic demand as well as higher exports requirements.Higher production could give it more leverage during talks in September when both OPEC and non-OPEC producers are expected to revive a freeze deal to support oil prices, the sources say.In June, Saudi Arabia pumped 10.55 million barrels of oil per day, and lifted production to 10.67 million bpd in July, the highest in its history.Now the sources expect the OPEC heavyweight to raise its crude supplies to a further record this month as demand inside and outside the kingdom looks healthy.One source from outside OPEC said the Saudis were quietly telling the market output could rise further in August to as high as 10.8-10.9 million bpd.

Source: Saudi signals it may hit new oil output record ahead of freeze talks, sources say

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s