OPEC's oil output jumps; Saudi Arabia opens taps

Written by Abigail

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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