Saudi to raise oil output above 9.5 mbpd in July : Reuters

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Saudi to raise oil output above 9.5 mbpd in July
DUBAI (Reuters) - Top oil exporter Saudi Arabia is poised to boost output in July to the fastest rate in years to help keep pace with demand and tame what it sees as unacceptably high prices, industry sources said on Sunday.

Riyadh's expected production increase -- the second in two months -- would lift flows above 9.5 million barrels per day (bpd) from about 9.45 million bpd now, the sources said.
The Saudi output plans come to light a week before the kingdom hosts an unprecedented meeting of producers and consumers to tackle market instability.

A relentless rise in oil prices to well above $130 a barrel has sparked fuel protests from Asia to Europe and roiled financial markets as policymakers fear higher inflation will slow the global economy."Saudi output in July most probably will be above 9.5 million," said one industry source, speaking on condition of anonymity.

"The situation right now is 'if the customers ask, they will get.'" Saudi Arabia has already increased supply by 300,000 bpd this month from May to meet demand from buyers primarily in the United States. Industry insiders declined to say how much more the kingdom would pump in July, but one source said output would not reach 10 million bpd.

Oil fell nearly $2 a barrel on Friday after industry newsletter the Middle East Economic Survey reported Riyadh was considering a sizeable output increase to near 10 million bpd. Continued...


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