Saudi oil output rises to 9.6m bpd in May
Riyadh, June 8, 2013
Saudi Arabia produced 9.6 million barrels per day (bpd) of oil in May, up from 9.3 million bpd in April, an industry source said on Friday.
The source did not give a reason for the increase but Saudi Arabia typically raises output during the hot summer months to meet a surge in air conditioning demand.
Supply to the domestic and export markets was also at around 9.6 million bpd, up from 9.2 million bpd in April, the source said.
Benchmark Brent crude oil, trading near $104.92 a barrel on Friday, has fallen from almost $120 in February on concerns about the global economic outlook, though it is still above Saudi Arabia's preferred level of $100.-Reuters