Saudi Arabia gave the strongest indication yet that it’s trying to stop oil prices from rising further, saying that OPEC and allies are in a “produce as much as you can mode” to assure customers that they can meet demand and remove any uncertainties about looming shortages. The kingdom has already boosted oil production to 10.7 million barrels a day, near an all-time high, and it can increase it even more to help plug any supply shortfalls due to U.S. sanctions against Iran’s energy industry, Saudi Energy Minister Khalid Al-Falih told a conference in Riyadh. U.S. President Donald Trump is counting on Saudi cooperation to soften potential price increases from the sanctions that take effect next month.
Source: FuelFix
