Saudis Dial Back on Oil Supply Cuts to Add Storage at Home
- Kingdom reverses one-third of cuts made at outset of OPEC deal
- Extra oil put into domestic stockpiles, not exported: Ministry
Saudis Tell OPEC Output Increases to 10 Million Barrels
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Saudi Arabia told OPEC it dialed back on some of its supply cuts last month, pumping more than 10 million barrels a day as it replenished its own storage tanks.
The kingdom boosted production by 263,300 barrels a day to 10.011 million a day, according to a report from OPEC on Tuesday. Oil prices sank on speculation the country had grown impatient with fellow producers lagging in their own cutbacks. Saudi Arabia’s Energy Ministry said that the volume of crude supplied to markets nonetheless fell by 90,000 barrels a day to 9.9 million, as the extra supplies were moved into storage.