Saudis' Biggest Oil Surge in 5 Years Barely Steadies OPEC
- Under U.S. pressure, kingdom boosts production by 330,000 b/d
- Libyan, Venezuelan losses mean total OPEC output holds steady
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Saudi Arabia’s biggest oil-production surge in five years was only enough to keep OPEC’s output steady last month, as losses elsewhere in the group piled up.
The kingdom is delivering on its promise to try and tame crude prices, boosting output by 330,000 barrels a day in June to 10.3 million a day, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. That’s the biggest monthly jump in production since July 2013.