Saudi Arabia pumped less crude oil in July: report

Saudi Arabia pumped around 10.290 million barrels per day (bpd) of crude in July, down about 200,000 bpd from a month earlier, Reuters reported on Friday, citing two OPEC sources.

Supply to the market in July was slightly higher at 10.380 million bpd, the sources said.

Export and domestic supply may differ from production depending on the movement of barrels in and out of storage.

Saudi Arabia told the Organization of the Petroleum Exporting Countries (OPEC) that it pumped 10.488 million bpd of crude oil in June, an increase of 458,000 bpd compared to May.

OPEC agreed with Russia and other oil-producing allies in June to raise output from July, with Saudi Arabia pledging a “measurable” supply boost.

They said supply would rise by returning to 100 percent compliance with previously agreed output cuts, after months of underproduction, a roughly 1 million bpd increase in output.