8/3, 1:32 PM (Source: TeleTrader)
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S. Arabia to push for rise in oil output at OPEC+ meeting - report

Saudi Arabia will most likely be pushing for an increase in oil production at today's Organization of the Petroleum Exporting Countries Plus (OPEC+) meeting, the Financial Times reported on Wednesday, citing sources familiar with the matter. One of the sources mentioned that the country might go down this route as it aims to strengthen ties with the West, as well as secure sufficient grain supplies for itself.

Nevertheless, the sources did not share the exact amount of the planned rise in output, with some speculating that it would not be over 500,000 barrels per day, as certain members are already struggling to reach OPEC+ targets. In addition, the sources cautioned that the group could still opt for no changes in the production goals in the end.

Baha Breaking News (BBN) / AY