Saudi Oil Output Soars to more than 10 Million bpd
Saudi Oil Minister Ali al-Naimi said on Monday that the kingdom's oil output has jumped to more than 10 million barrels per day, up from an estimated 8.8 million bpd in April.
"Saudi Arabia is currently producing more than 10 million bpd," Naimi said in a speech read out on his behalf by a ministry official at a conference in Riyadh.
Naimi said the kingdom's goal was to "ensure stability" in the oil market and provide sufficient energy supplies to "respond to a shortage in supply or unexpected increase in demand."
Saudi Arabia's official OPEC quota is 8.05 million bpd, but the International Energy Agency estimated that its production in April was 8.8 million bpd.
Source: Agence France Presse
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