Saudi Arabia boosts oil output ahead of OPEC summit

According to Mikrofonnews Agency (MHA), Saudi Arabia has begun boosting oil production ahead of a summit by the OPEC ministers, The Wall Street Journal reported on Saturday.

The summit of Organization of the Petroleum Exporting Countries (OPEC), is going to take place on Jun 22 in Vienna and participants are expected to talk over the amount of oil produced by the OPEC members. The report quotes Saudi officials as saying the country has ramped up oil production since last month with an increase of 100 thousand barrels a day.

Saudi Arabia is now producing 10 million barrel oil per-day, the officials confirmed. Saudi’s Oil Minister said last month that the country wants to review its policy about a decrease in oil production. The policy, which was a joint initiative by Saudi Arabia, Russia, and OPEC members, was in force since 2016 to prevent a fall in the price of oil at the international markets.

As the oil price jumped up to 80 dollars per barrel, oil consumer countries including the United States of America showed concern that the trend may affect their economy.

There is also a concern that the oil price may rise following the reimposition of sanctions on Iran and implementation of sanctions on Venezuela. OPEC says all concerns will be discussed during the upcoming meeting in Vienna.