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Saudi Arabia ramped up production in June ahead of the OPEC+ meeting, pushing the group’s overall output to 32.32 million barrels per day (mb/d), according to Reuters, an increase of 320,000 bpd from May. That puts OPEC’s production level at its highest point since January 2018.
The increase came from a massive increase in production from Saudi Arabia, which pushed output close to a record high at 10.70 mb/d. The enormous increase of from May levels from Saudi Arabia was offset by outages in Libya and declines in Venezuela.
“We are entering the second half of the year with a huge amount of uncertainty surrounding the supply side of the equation,” Tamas Varga of oil broker PVM, told Reuters. “Depending on your belief you could just as easily bet on $100 as $60 by the end of the year.”