Saudi Arabia, one of the world’s largest oil producers in keeping with its commitment to the OPEC Plus agreement is set to increase its oil output with an additional volume of 400,000 barrels per day monthly.
The Saudi cabinet in a meeting has called for stability in oil markets and for a de-escalation of Russia’s war in Ukraine.
Given the crisis in Ukraine, Saudi Arabia is under intense pressure from developed economies to increase output.
The U.S. and its allies have agreed to a release of 60 million barrels of oil from their reserves.
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Edited by Jesus Chan
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