Market Overview

Report: Saudi Arabia Set To Boost Oil Exports To Near-Record High Levels

Report: Saudi Arabia Set To Boost Oil Exports To Near-Record High Levels

As oil prices continue trading at fresh 2016 highs, Saudi Arabia is preparing to boost its oil exports to near-record high levels.

Reuters, citing "Saudi-based industry sources," reported Saudi Arabia is expected to boost its oil exports to 10.5 million barrels per day (bpd) in the summer months. This would mark an increase from April's 10.15 million bpd levels.

Reuters' sources added that the Saudi government is looking to increase its output to satisfy growing demand - not to flood the market with excess oil.

Related Link: With Oil Prices Stabilizing, Morgan Stanley Upgrades Devon Energy

Saudi Arabia's top oil official, Deputy Crown Prince Mohammed bin Salman, said the country could theoretically increase its output to 12.5 million bpd in as little as six to nine months time "if we wanted to."

However, Reuters added there is some doubt over the government's claim as the country's output never breached the 11 million bpd mark. Its prior record of 10.56 million bpd was achieved in June of last year.

Posted-In: Oil oil exports oil prices Saudi Crown PrinceNews Rumors Commodities Markets Best of Benzinga


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