Saudi Arabia raises oil output

Power push: Electricity generation demand may be fueling crude output rise

Saudi Arabia's crude oil production increased to 9.780 million barrels per day (bpd) in June, up from its May production of 9.705 million bpd, Reuters reported, quoting anonymous industry sources.

The production increase in June translates to close to 75,000 bpd. 

The report did not give reasons for the rise in Saudi output, but said that the kingdom typically increases production during the hot summer months to meet a surge in electricity demand.

However, Organisation of the Petroleum Exporting Countries (OPEC's) crude oil output fell in June from May's three-month high, according to a Reuters survey.   

Crude oil supply from OPEC averaged 29.93 million bpd, down from 30.00 million bpd level in May, the report claimed.​

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