Saudi Arabia increased its oil production to 8.482 million barrels per day in May, Saudi Energy Minister Prince Abdulaziz bin Salman said. The minister indicated that this number corresponds to the previously estimated production.
According to the OPEC report, the country produced 8.132 million barrels per day in April. Therefore, the increase amounted to 350 thousand barrels per day.
The country’s January quota, according to OPEC statistics, 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, and 400 thousand barrels per day – in July.
Direct calculation suggests that Saudi Arabia planned to increase oil production by 250 thousand barrels per day to the level of April.