DUBAI: Saudi Arabia produced 9.6 million barrels per day (b/d) of oil in May, up from 9.3m b/d in April, an industry source said yesterday. The source did not give a reason for the increase but Saudi Arabia typically raises output during the hot summer months to meet a surge in air conditioning demand.
Supply to the domestic and export markets was also at around 9.6m b/d, up from 9.2m b/d in April, the source said.
Benchmark Brent crude oil, trading near $104.92 a barrel yesterday, has fallen from almost $120 in February on concerns about the global economic outlook, though it is still above Saudi Arabia’s preferred level of $100. Reuters
