Riyadh – Mubasher: Saudi Arabia plans to decrease crude oil shipments by more than 600,000 barrels per day (bpd) in August, Reuters on Wednesday reported, citing a Saudi industry source as saying.

The Kingdom’s oil reduction comes in line with trying to balance the growth in domestic consumption during the summer, and also stick to its agreement with the Organization of Petroleum Exporting Countries (OPEC), the agency added.

The exports of crude oil for August are going to drop to their lowest level in 2017 to around 6.6 million bpd.

The crude oil quota allocated to Asia for August will be declined by about 200,000 bpd to reach 3.5 million bpd, while Europe’s quota will fall by around 70,000 bpd to 520,000 bpd.

Crude exports to the US will fall below 800,000 bpd in August.

The Kingdom’s production of crude oil increased in June to 10.07 million bpd due to the growth in domestic consumption during the summer, Reuters had reported on Tuesday, citing a source as saying.

Reports noted that Saudi production rose slightly for the first time above its production target set by the Organization of Petroleum Exporting Countries (OPEC), after some OPEC and non-OPEC members signed an agreement to limit output.

In December 2016, Saudi Arabia signed an agreement to reduce its oil supplies to 486,000 bpd.