Saudi Arabia Increases Daily Oil Production
Saudi Arabia increased oil production to 8.482 million barrels per day. This figure corresponds to the previously estimated production. According to the OPEC report, the country produced 8.132 million barrels per day in April. Thus, the increase amounted to 350 thousand barrels per day.
The announced figures give a different understanding of the assessment of the "removal" from the market of their voluntary restrictions on oil production. The country's January quota, according to OPEC documents, was 9.119 million barrels per day. In February, the country voluntarily decided to remove 1 million bpd from the market, and since May it was decided to gradually return this volume to the market: 250 thousand barrels per day in May, 350 thousand barrels per day in June, 400 thousand barrels per day in July.
Direct calculation suggests that the country planned to increase oil production by 250 thousand barrels per day to the level of April. Saudi Arabia's official quota for May is 9.232 million barrels per day. Thus, Saudi Arabia in its calculations returns voluntary restrictions, starting from the new official quota, and not from the January quota.
Earlier, OPEC + countries agreed to follow the planned oil production plan in July.