Saudi Arabia has offered its main customers extra oil supplies through
the end of the year, the Financial Times
reported. The Saudi move came after the price of Brent, the global oil
benchmark, rose to $117.95 a barrel on Friday, a 33 percent increase since
mid-June.
“The current price is too high…We would like to see oil prices back to
$100 a barrel,” a senior oil official told the Financial Times. “We are
consulting our clients about their oil needs and telling them we are ready to
supply more.”
In March, the Saudis temporarily increased their oil production to 10
million barrels a day. Last month the country produced 9.9 million b/d.
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