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Saudi Arabia boosts oil output ahead of Iran strikes, OPEC says
Saudi Arabia sharply increased oil production in February ahead of U.S. and Israeli strikes on Iran, according to a draft of OPEC’s monthly report seen by Reuters on Wednesday.
The kingdom told OPEC its oil supply to the market in February reached 10.111 million barrels per day, while production stood at 10.882 million bpd. This marks an increase from January’s reported production of 10.10 million bpd.
Saudi Arabia raised its oil output and exports as part of a contingency plan in case any U.S. strike on Iran disrupted supplies from the Middle East, sources familiar with the plan said in February.
The attack occurred on February 28, and the resulting conflict has disrupted oil exports, forced production stoppages and sent prices soaring.
OPEC maintained its forecasts for relatively strong global oil demand growth this year in the draft report.
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