Saudi Arabia maintained production at three-decade high in April

FXStreet (Mumbai) - Saudi Arabia, the world’s biggest oil exporter, told OPEC that it maintained its production at a three-decade high in May.

Saudi produced 10.33 million barrels a day in May, an increase of 25,000 barrels from April. The OPEC group as a whole supplied almost 31 million barrels a day collectively, the most in almost three years.

The organization agreed last week to keep its output ceiling at 30 million barrels a day and will meet again on Dec. 4. However, it is worth noting that the group has exceeded its target for the last 12 months.