Saudis Pump More

Saudi Arabia told OPEC it pumped about 10.5 million barrels per day last month as the kingdom sought to cap rallying prices by ramping up output, according to people familiar with the matter. The biggest member in the Organization of Petroleum Exporting Countries pledged last month it would raise output as consumers grow alarmed by crude prices, which have been bolstered by supply losses in some OPEC members, Bloomberg reported. The June figure would represent an increase of about 500,000 bpd from May The Saudis’ pledges do not seem to have placated US President Donald Trump. The kingdom faces intense political pressure as prices reach levels that threaten economic growth, and as American sanctions on Iranian oil exports require replacement to prevent a supply squeeze. US oil futures surged past $75 per barrel on Tuesday for the first time since 2014. They slipped toward $73 on Thursday as the Energy Information Administration reported a slight expansion in inventories.