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Bloomberg
Saudi Arabia told OPEC that it pumped about 10.489 million barrels of crude a day last month as the kingdom sought to cap rallying prices by ramping up output, according to people
familiar with the matter.
The biggest member in the Organization of Petroleum Exporting Countries (OPEC) pledged last month it would raise output as consumers grow alarmed by crude prices, which have been bolstered by supply losses in some OPEC members. The June figure would represent an increase of about 500,000 barrels a day from May.
Meanwhile, US oil futures surged past $75 a barrel for the first time since 2014. They slipped towards $73 as the Energy Information Administration reported
a slight expansion in the
inventories.
A Saudi Arabian supply surge was to be expected. A Bloomberg survey showed output jumped by 330,000 barrels a day last month, the largest increase since 2013. Saudi energy minister Khalid Al-Falih also said in Vienna last month that the country was increasing production.