Saudi Arabia ends extra cuts

摘要

The Opec+ coalition increased crude production by nearly 700,000 b/d in July as Saudi Arabia brought its extra cuts to an end. Production rose by 680,000 b/d to 35.82mn b/d last month as the group’s collective target increased by 441,000 b/d (see tables). Saudi Arabia was respon- sible for three-quarters of the rise in July after it brought back the last 400,000 b/d tranche of what had been a 1mn b/d unilateral cut in February-April. Saudi crude exports jumped by more than 640,000 b/d to 6.28mn b/d, Argus tracking data show. Other Mideast Gulf producers raised output — Kuwait by 60,000 b/d, while the UAE added 50,000 b/d and Iraq 30,000 b/d.