Reduce Prices or Expect Demand to Sink, Oil Guzzler Warns OPEC
- Figures signal surge of about 500,000 barrels a day from May
- Kingdom seeking to moderate prices amid pressure from U.S.
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Saudi Arabia told OPEC it pumped about 10.489 million barrels of crude a day last month as the kingdom sought to cap rallying prices by ramping up output, according to people familiar with the matter.
The biggest member in the Organization of Petroleum Exporting Countries pledged last month it would raise output as consumers grow alarmed by crude prices, which have been bolstered by supply losses in some OPEC members and renewed sanctions against Iran. The June figure would represent an increase of about 500,000 barrels a day from May.