Saudi Arabia’s oil production will remain below 10 million b/d through August and its exports will stay under 7 million b/d to avoid excess stock buildup in an oversupplied market, a Saudi oil source said on Thursday. Saudi Arabia, which is pumping below its 10.31 million b/d quota under the OPEC/non-OPEC agreement, expects the positive outcome in the US-China trade talks at G20 will help to boost demand in the second half of this year amid increasing purchases in Asia, the source said. OPEC’s biggest producer saw its output jump by 150,000 b/d in June to 9.85 million b/d, according to the latest S&P Global Platts monthly OPEC survey. “The kingdom will continue to work earnestly with OPEC+ countries to drive inventories down to historic levels and keep them there, a policy objective that will […]