Saudi Arabia's oil output may edge up in June, sources familiar with the ki...
DUBAI/LONDON - Saudi Arabia’s oil output may edge up in June, sources familiar with the kingdom’s policy said, but the extra crude may be used for domestic power generation rather than providing the boost to exports that Washington has been seeking.
Production from the world’s top crude exporter in May is expected to be around 10 million barrels per day , slightly higher than April but still below its quota under the OPEC-led pact of 10.3 million bpd, industry sources said. U.S. President Donald Trump said last week he had called Saudi Arabia and OPEC and told them to lower oil prices, but he did not say who he spoke to or when the conversations took place.
“One thing for sure is that if customers asked for more oil they will then raise output,” the source added.Saudi Arabia wants oil prices of at least $70 a barrel this year as it seeks to boost the economy with extra spending, finance economic reforms and fund its four-year war in Yemen. “But it is not clear now what will be the demand from the customers. Apart from Iran, there are also some serious concerns about the situation in Venezuela and Libya,” the source said.
Saudi crude exports allocations for June are expected to be issued around May 10. State-run Saudi Aramco is expected to release its official selling prices for Saudi crude next week, industry sources said.
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