Saudi Arabia Considers Increasing Oil Production

Saudi Arabia considers increasing its oil production. It was reported that the country plans to reverse the supply cut in the coming months.

In Saudi Arabia, kingdom advisers reported that Saudi Arabia plans to announce a reverse decision at the OPEC meeting next month, in light of the recent recovery in prices, Dow Jones news agency reported. According to consultants' estimates, the increase in production will not begin until April, given that Saudi Arabia is committed to sticking to cuts until March. On the other hand, in the said statement, it was emphasized that Saudi Arabia has not yet notified OPEC of its decision on the cut. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said the following at a conference on Wednesday, “We are in a much better place than a year ago, but once again, we must not compromise. Uncertainty is high, we must be extremely careful.”     This article has contributions of Bloomberg HT.