Saudi Oil Output Rises by 7.3% in First Quarter, Al Rajhi Says
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Saudi Arabia, the world’s largest crude exporter, increased its daily oil output by 7.3 percent year-on-year in the first quarter to replace a fall in output from other OPEC member countries, Al Rajhi Capital said in a report.
The investment arm of Saudi Arabia’s largest lender by market value said today that it expects the price of West Texas Intermediate crude to average $93 a barrel this year, up by $6 from its previous estimate, as prices have advanced globally since February.