Saudi Arabia under global pact cuts oil output to 9.65 mn bpd in May

Saudi Arabia pumped 9.65 million barrels of oil per day (bpd), cutting deeper than its production target under a global pact to reduce oil supply, a Saudi oil industry source said on Monday. The world's top oil exporter's output target under an OPEC-led supply cut agreement is 10.3 million bpd.