Saudi Arabia pumps oil at 3-decade high, exports rise, JODI says

Saudi Arabia pumped crude oil in June at the highest level in more than three decades as the country exported the most in a month since November 2005, official data showed.

The world’s biggest oil exporter shipped 7.84 million barrels a day in June, an increase of 2.3 percent from a month earlier, while output rose 3 percent to 10.1 million barrels a day, according to statistics the government submitted to the Joint Organization Data Initiative. The data for output and exports include condensates and exclude natural-gas liquids.

JODI is supervised by the Riyadh-based International Energy Forum and compiles data provided by member governments.

The IEF, a group of nations accounting for more than 90 percent of global oil and natural-gas supply and demand, was established as a forum for producing and consuming countries to discuss energy security.

The U.S., China and the European Union are among the IEF’s members, according to its website.

Source: blomberg.com

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