Riyadh – Mubasher: Saudi Arabia’s oil production dropped by 76,000 barrels per day (bpd) month-on-month in May, the lowest level in over four years.

Saudi oil output decreased to 9.69 million bpd last month, according to official data.

The kingdom’s oil returns went up 2.3% to SAR 192.03 billion during the first quarter of 2019, compared to SAR 187.65 billion in the year-ago period.

Oil production from OPEC dropped by 236,000 bpd to 29.87 million bpd last May, in May, hitting its lowest level for five years.

OPEC along with a group of 10 allied producers, including Russia, agreed in December to hold back crude supply by a collective 1.2 million bpd for the first half of this year, with the 14-nation group agreeing to remove 800,000 bpd.