Saudi Arabia raised crude output in April to the highest in five months while making little change in the total amount it supplied to foreign and local markets, a person with knowledge of the country’s production said.
The world’s largest crude exporter pumped 9.32 million barrels a day in April, about 180,000 barrels more than in March, the person said, declining to be identified because the information is confidential. The kingdom produced 9.93 million barrels daily the previous year, according to oil ministry data. Output last month was the highest since November, when Saudi Arabia pumped 9.49 million barrels a day, the data showed.
Saudi Arabia, the largest producer in OPEC, supplied 9.16 million barrels a day in April to both international and domestic markets, compared with 9.15 million the previous month, the person said. The country usually stores any unsold crude in local and overseas inventories, according to Persian Gulf officials familiar with Saudi energy policies.
Output in April from the Organization of Petroleum Exporting Countries was the highest in five months, led by gains in the United Arab Emirates and Kuwait, as well as Saudi Arabia, according to a Bloomberg survey. The 12-member group pumped an average of 30.95 million barrels a day last month, or 194,000 barrels more than in March, the survey of companies, producers and analysts showed. OPEC will meet May 31 to assess its collective output target, now at 30 million barrels a day.
The Saudi oil ministry forecasts world demand will rise this year by about 1 million barrels a day and exceed 90 million barrels “for the first time in history,” Ibrahim al-Muhanna, an adviser to Saudi Oil Minister Ali al-Naimi, said in Kuwait on April 10.
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