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Saudi Arabia is planning to pump a record amount of crude in July. embarking on one of its biggest-ever export surges to cool down oil prices. according to people briefed on the country’s output policy.
State oil company Saudi Aramco is aiming to boost production next month to about 10.8 million barrels a day. the people said. asking not be named discussing confidential information.
That would surpass the previous high of 10.72 million barrels a day in November 2016. illustrating its unprecedented response to the pressure US President Donald Trump has put on OPEC to supply more oil.
Saudi Energy Minister Khalid Al-Falih committed at last week’s meeting of the Organization of Petroleum Exporting Countries to `do whatever is necessary to keep the market in balance` and prioritise its customers.
Saudi Arabia. the world’s largest oil exporter. told OPEC it pumped 10.03 million barrels a day in May. 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 barrels a day. the people said. Domestic oil use surges during summer months as the kingdom burns crude to generate electricity for air conditioning.
