Saudi Arabia boosted oil production even before OPEC and Russia agreed at the end of June to ease the production cuts to respond to the high oil prices and supply disruptions, a new report has revealed.
The report by oilprice.com is based on the OPEC’s Monthly Oil Market Report, which showed Saudi Arabia boosted their crude oil production in June by more than 400,000 bpd.
Quoting the OPEC report, it said that the secondary sources, the ones the cartel uses to calculate quotas and compliance, Saudi Arabia’s oil production jumped in June by 405,400 bpd compared to May, to reach 10.420 million bpd.
The figures that Saudi Arabia self-reported to OPEC, based on direct communication, did not diverge a lot from the OPEC secondary sources assessment, said the report adding that Kuwait and UAE also boosted their production in June, by 27,300 bpd and 35,100 bpd respectively.
According to OPEC’s secondary sources, production in Iran dropped by 22,700 bpd, while Iraq’s production jumped by 71,500 bpd. Total OPEC-15 crude oil production averaged 32.33 million bpd in June, up by 173,000 bpd compared to May.