RIYADH Saudi Arabia is set to increase its oil production by 960,000 barrels per day between April and June, in a move designed to counter non-compliance by certain OPEC+ members who have failed to meet their production targets. This decision comes as the global oil market struggles with weak demand and rising supply concerns.
The increase in Saudi production marks a significant escalation of the kingdom’s role in global energy markets. Analysts predict this could lead to an oversupply of oil, further driving down prices, especially amid slowing demand in key markets such as Europe and Asia.
Saudi Arabia’s decision underscores its strategy to maintain market control within the OPEC+ group, which has been fractured by members not adhering to agreed production cuts. Critics, however, warn that such moves could destabilize the market, with potential long-term consequences for oil prices.
