Saudi Arabia Is Planning Record Crude Oil Production in July
- Riyadh is said to plan to pump 10.8 million barrels a day
- U.S. is pushing allies to halt oil purchases from Iran
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Saudi Arabia is planning to pump a record amount of crude in July, embarking on one of its biggest-ever export surges to cool down oil prices, according to people briefed on the country’s output policy.
State oil company Saudi Aramco is aiming to boost production next month to about 10.8 million barrels a day, the people said, asking not be named discussing confidential information. That would surpass the previous high of 10.72 million barrels a day in November 2016, illustrating its unprecedented response to the pressure U.S. President Donald Trump has put on OPEC to supply more oil.