Saudi pumped less crude oil in July

Top oil exporter Saudi Arabia pumped around 10.290 million barrels per day of crude in July, two OPEC sources said on Friday, down about 200,000 bpd from a month earlier.

The amount of oil supplied to the market in July was slightly higher at 10.380 million bpd, the sources said.

Supply to the market – domestically and for export – 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 that the kingdom pumped 10.488 million bpd of crude oil in June, an increase of 458,000 bpd from the production figure it submitted for May.

However, crude supply to the market in June was higher than wellhead production at 10.579 million bpd, a figure that includes domestic consumption and all exports, including from storage tanks.

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

OPEC and the non-OPEC producers said they would raise supply by returning to 100 per cent compliance with previously agreed output cuts, after months of underproduction. That would mean a roughly 1 million bpd increase in output.

Brent oil futures steadied on Friday as the market focused on bearish longer-term factors after gains in the previous session, which were driven by U.S. crude inventories at a major hub falling to their lowest in nearly four years.