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OPEC’s oil output jumps in June as Saudi Arabia opens the taps to tame crude prices

  • Saudi Arabia's oil production jumped by nearly 500,000 barrels per day in June as it aims to put more supply into the market to tame the cost of crude.
  • Output from OPEC was up 173,000 bpd as the 15-member producer group prepares to lift production caps in place since 2017.
  • OPEC forecast that global oil demand will cross 100 million bpd for the first time in 2019, but warned trade tensions could negatively impact the market.

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