finsmart-news_admin 
Saudi Arabia: Saudi Arabian oil output jumps in June
Latest reading: Brent crude oil prices averaged USD 69.85 per barrel in June, up 9.0% from May. On 30 June, the commodity traded at USD 67.65 per barrel, up 5.8% from 30 May.
Turning to production, Saudi oil output was 9.4 million barrels per day (mbpd) in June, up by 5.2% year on year. This marked the second consecutive month of year-on-year increase following a prolonged slump, and was driven by looser OPEC output restrictions.
Outlook: Saudi Arabia’s production should increase further ahead as OPEC+ continues to loosen its restrictions on output. Looking at 2025 overall, our panelists anticipate the first annual rise in Saudi crude production in three years. However, output is still expected to remain below the previous high in 2022 of around 10.5 mbpd, a level unlikely to be surpassed before 2028.
