The Wall Street Journal reported, citing informed sources, that Saudi Arabia plans to increase its oil production in the coming months.
Saudi Arabia is expected to announce its plans when the alliance of oil producers meets next month, according to the Wall Street Journal report.
The newspaper added that the increase in production will not start before April.
Saudi Energy Minister Prince Abdulaziz bin Salman said today that it is too early to declare victory over the Covid-19 virus, and oil producers must continue to exercise the utmost caution.
He added, “We are in a much better position than we were a year ago, but I must warn again against complacency. There is a lot of ambiguity and we have to be very careful.”
He continued, “I say to those who are trying to anticipate the next (OPEC +) move, do not try to speculate on what cannot be predicted.”