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12/4, 5:39 PM (Source: TeleTrader)
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Saudis threaten to boost oil production - report

Saudi Arabia threatened to increase its crude production as several members of the Organization of the Petroleum Exporting Countries (OPEC) are failing to meet the agreed output cuts, the Wall Street Journal reported on Wednesday citing sources from the cartel.

According to the report, during a meeting on Tuesday, a Saudi delegate made the threats as it appeared Iraq, Nigeria and Russia weren't compliant with the output cuts.

The cartel and allied producers will meet on Thursday in Vienna to discuss an extension to the production caps and possible deeper cuts.

Breaking the News / JC