Saudi Arabia hints at boosting oil output

Consumers grappling with high oil prices many get some relief as Saudi Arabia has hinted at pushing up oil output. Saudi oil minister Khalid Al-Falih (pictured), who is in Russia, told reporters in Moscow on Thursday that such a move is inevitable. He hoped the Organization of Petroleum Exporting Countries (OPEC) and its allies will reach an agreement that satisfies the market at their meeting to be held in Vienna next week. After watching Russia and Saudi Arabia play the World Cup opener at Moscow on Thursday, President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman, along with Al-Falih and Russian Energy Minister Alexander Novak will discuss plan to convince OPEC members and allies on the need to raise oil output. Economic crisis in Venezuela and fresh US sanctions on Iran have disrupted oil output and the two countries are not inclined to boost oil production this year.

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