Report Says Saudis Could Boost Production
Saudi Arabia is reportedly considering raising its crude oil output to about 10 million barrels a day. The Middle East Economic Survey, a regional energy and finance newsletter, says that would mean increasing current output by about half a million barrels a day.
Although the Saudis have repeatedly insisted their massive oil reserves are not running out, some analysts and others have wondered about the Saudis’ reluctance to increase production. While saying ever-rising oil prices threaten to weaken global demand, the Saudis have blamed speculators for driving the price higher, not a lack of oil.
