Saudi Arabia was pumping more before the OPEC meeting
The latest Reuters survey shows that Saudi Arabia boosted its supply to 10.70 million barrels per day in June, a jump of 700K bpd. That will push up overall output in the month, despite drops in Libya and Iran.
"The Saudi number for June will be very, very high," an industry source cited by Reuters who tracks the kingdom's oil output said. "Surprisingly high."
There are already signs Iran is unhappy with increased Saudi production, especially since it likely started ahead of the OPEC decision and came after reports that Trump's team had called around and asked for lower prices.
"Our resolution does not allow any member to produce more than their quota," Iran's OPEC governor Hossein Kazempour Ardebili told Reuters. "If they do, it means the State Department is running OPEC."
Oil is up 29-cents to $73.74 today as it continues the non-stop run from $66.00.