Saudi planning to ramp-up production to record levels in July

Saudi Arabia's state-owned oil company may be set to boost output by over 800,000 barrels a day.

According to Bloomberg, which cited "people briefed on the country's output policy", the Middle Eastern Kingdom's intention was to boost production to roughly 10.8m barrels a day in July.

That would compare to an estimated 9.987m b/d of Saudi production in May as per the 'secondary sources' cited in OPEC's most recent Monthly Oil Market Report.

It would also surpass the previous peak for the Kingdom's production hit in November 2016, when it reached 10.72m b/d.

However, in parallel, reports indicated that over the next few weeks the State Department would ask China and India to completely stop purchasing oil from Tehran.

As of 1634 BST, front month Brent crude oil futures were higher by 0.612% to $75.19 per barrel on the NYMEX.