Saudi Arabia Sees Crude Price Rising as It Boosts Production
This article is for subscribers only.
Saudi Arabia increased oil production in March to the highest in at least 12 years and expects crude prices to rise in the “near future,” according to oil minister Ali al-Naimi.
The kingdom, which led the Organization of Petroleum Exporting Countries last year in refusing to cut output, produced 10.3 million barrels a day last month and will keep pumping for now at around 10 million, al-Naimi said Tuesday at a conference in Riyadh. The March figure is the highest since at least 2002, when the Joint Organisations Data Initiative began compiling output statistics.