Saudi Arabia plans to increase oil output in the coming months, reversing a recent production cut, the Wall Street Journal reported on Wednesday, citing advisers to the country.
The world’s largest oil exporter surprised oil markets last month when it said it would unilaterally slash 1 million barrels a day of crude production in February and March in an effort to raise prices.
Saudi Arabia is expected to announce its plans when a coalition of oil producers meets next month, according to the WSJ report, adding that the output rise won’t kick in until April.
