Saudi Arabia increases oil production

Saudi Arabia increased oil production to 8.482 million barrels per day in May, the country's Energy Minister Prince Abdulaziz bin Salman Al Saud said at a press conference, Report informs.

He said that Saudi Arabia expected exactly this amount.

According to the OPEC report, the country produced 8.132 million barrels per day in April. Thus, the increase amounted to 350,000 barrels per day. The announced figures give a different understanding of the assessment of the "removal" from the market of their voluntary restrictions on oil production. The country's January quota, according to OPEC documents, was 9.119 million barrels per day. In February, the Saudi authorities voluntarily decided to remove 1 million barrels per day from the market. Starting May, the country decided to return this volume to the market gradually: 250,000 barrels per day in May, 350,000 barrels per day in June, 400,000 barrels per day in July.

Calculations suggest that the country planned to increase oil production by 250,000 barrels per day to the level of April.