Saudi Arabia has started boosting oil production after two years of curtailing output, a move that gives Riyadh a jump on other OPEC producers who are expected to open the spigots later this month. The added crude isn’t huge in terms of overall Saudi production. But it marks a sharp u-turn for Riyadh, which had led a coalition of big producers who have cut back hard on output during the past two years. The added oil could further cool prices, which after topping $80 a barrel on international markets, have subsided more recently.

Source: Wall Street Journal June 08, 2018 20:34 UTC