Saudi: No Need to Boost Oil Output for ‘Foreseeable Future’

Saudi Arabia sees no reason to boost its oil production for the “foreseeable future,” because current record-high oil prices are the result of refinery tightness and geopolitical concerns and not the result of a crude shortfall, a Saudi oil source said Tuesday.

Daily production by Saudi Arabia, by far the world’s largest exporter, will remain steady at about 9.5 million barrels a day in September, as demand from the kingdom’s customers hasn’t changed for “months,” the source said.
Schlumberger