Saudi Arabia will not boost oil export this month, official says
Tehran (KNA) - Saudi Arabia's governor to the Organization of the Petroleum Exporting Countries (OPEC) says the kingdom’s oil export will be little changed this month, dealing a setback to US President Donald Trump who had pinned hopes on Saudis to reduce oil prices in global markets.
Adeeb al-Aama said in a statement on Thursday that the kingdom's July crude oil exports will be roughly in line with last month's total, which stood at nearly 500,000 barrels per day (bpd).He added that Saudi Arabia's total supplies to the market are poised to drop by 100,000 bpd in August compared with July.
Aama further noted that Saudi Arabia will not substantially oversupply the market, dismissing concerns over an oil glut as baseless.He asserted that Riyadh "does not try to push oil" into the market beyond customer needs."It seems that Saudi Arabia will not pump more and that has the price moving higher," Greg Michalowski, an analyst at ForexLive, said.
Source: PressTV