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Saudis May Not Pump Intended 10 Million Barrels After IEA Move

Saudi Arabia may not increase crude oil output to 10 million barrels a day in July as it intended, as the International Energy Agency’s planned stockpile release of 60 million barrels will keep the market “well supplied” during the month, analysts say.

Analysts surveyed by Bloomberg now expect Saudi Arabia to increase output in July to 9.5 million barrels a day from around 9 million in June to meet its international commitments, while meeting local demand that is expected to rise this summer due to a surge in electricity use.