At the last OPEC meeting, the Saudis and their allies promised to boost output by about 1 million barrels a day. REUTERS/Ahmed Jadallah
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Under pressure from U.S. President Donald Trump, Saudi Arabia has rushed to boost oil production – only to discover that global markets might not yet need it. The kingdom's crude output surged the most in three years last month, as Trump demanded his ally's help in cooling gasoline prices and filling in the supply gap that will be created by his sanctions on Iran.The Saudis and their allies, which include several neighbors from the Gulf Cooperation Council and also non-OPEC producer Russia, promised at the Organization of the Petroleum Exporting Countries' last meeting in late June to boost output by about 1 million barrels a day to offset disruptions in Venezuela and Libya, plus the looming losses in Iran.Saudi Arabia initially planned to reach record output of 10.8 million barrels a day this month, people briefed on production policy said late last month.The kingdom told fellow producers Wednesday that output in July will be in line with June's level of just below 10.5 million barrels a day, people familiar with the matter said.
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