Saudi Arabia yet to determine output hike size -TV

DUBAI (Reuters) – Top oil exporter Saudi Arabia was yet to determine the size of a planned oil output increase, Al Arabiya Television said on Sunday citing an oil ministry official.

“The kingdom was yet to decide the volume of the planned increase in its oil output, the official said, adding that determining any increase in output levels before the meeting of consumers and producers in Jeddah would be premature,” Saudi-owned Al Arabiya said.

Industry sources said earlier on Sunday that Saudi Arabia was poised to boost output in July to the fastest rate in years to help keep pace with demand and tame what it sees as unacceptably high prices.

Riyadh’s expected production increase — the second in two consecutive months — would lift flows above 9.5 million barrels per day (bpd) from about 9.45 million bpd now, the sources said.

Reuters