Saudi Arabia maintained production at three-decade high in April

FXStreet (Mumbai) – Saudi Arabia, the world’s biggest oil exporter, told OPEC that it maintained its production at a three-decade high in May.

Saudi produced 10.33 million barrels a day in May, an increase of 25,000 barrels from April. The OPEC group as a whole supplied almost 31 million barrels a day collectively, the most in almost three years.

The organization agreed last week to keep its output ceiling at 30 million barrels a day and will meet again on Dec. 4. However, it is worth noting that the group has exceeded its target for the last 12 months.

Saudi Arabia, the world’s biggest oil exporter, told OPEC that it maintained its production at a three-decade high in May.

(Market News Provided by FXstreet)