Crude oil lower as Saudis reportedly start to ramp up oil production

|By:, SA News Editor

Crude oil futures slip as news reports indicate Saudi Arabia has increased production ahead of OPEC's June 22 meeting, another sign that the global supply restraints maintained over the past 18 months are unwinding; WTI -0.9% at $65.12/bbl, Brent -0.8% at $75.81/bbl.

The added crude of ~100K bbl/day last month, raising Saudi production to 10M bbl/day, is not much relative to overall Saudi output but it marks a sharp u-turn in the country's actions; another 100K bbl/day increase may be coming this month.

Also, Russian news agency Interfax said over the weekend that Russia’s oil production had risen to 11.1M bbl/day in early June, up from slightly less than 11M bbl/day for most of May.

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