Saudi Arabia to delay oil production hike, straying away from OPEC plans to hike output: Report

Saudi Arabia, one of the largest oil producers in the world is considering to stray away from Organization of the Petroleum Exporting Countries’ (OPEC) agreed output plans and not hike oil output early next year, senior Saudi oil advisers told The Wall Street Journal. This comes at a time when Libyan crude oil is expected to make a return, increasing stockpiles of global oil supply.

In April this year, OPEC led by Saudi Arabia and 10 Russia-led producers decided to carry out production cuts at record levels of 9.7 million barrels a day after Covid-19 battered economies around the world, grounding flights, halting public transportation in its tracks and shuttering industries.