Saudi Sells More Crude in June

Saudi Sells More Crude  in JuneSaudi Sells More Crude  in June

Saudi Arabia's oil exports rose in June as the kingdom kept the market well supplied, pumping near record high levels of crude to feed rising local and international demand. Crude exports in June rose to 7.456 million barrels per day from 7.295 million bpd in May, official data showed on Thursday, Reuters reported. The world's largest oil exporter produced 10.550 million bpd in June, up from 10.270 million bpd in May. Saudi Arabia's domestic crude inventories totaled 289.445 million barrels in June from 289.175 million in May, data provided by Saudi Arabia's Joint Organizations Data Initiative showed. JODI compiles data supplied from oil producing members of global organizations, including the International Energy Agency and OPEC. Saudi Arabia's oil inventories peaked last October at a record high 329.430 million barrels but have declined since, as the country has drawn down its oil stockpile to meet domestic demand without impacting its exports. Riyadh has been maintaining high output levels since mid-2014 in line with a strategy of defending market share against rival producers.