ICYMI - Saudi Arabia has unwound its extra oil output cut faster than expected

Author: Eamonn Sheridan | Category: News

Saudi Arabia has reported its production numbers for May, saying it pumped 8.544 million b/d

The target they had set themselves was 8.482 million b/d for the month. Energy minister Prince Abdulaziz bin Salman had confirmed this in comments at the June 1 OPEC+ press conference.

Long story short on this is it means the country has unwound its voluntary extra output cut at a faster pace than it originally announced.

Info came via Platts Thursday Europe/US time. Oil prices have barely come back from their most recent trend highs.

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