OPEC

Naimi: Please Don’t Let Me Be Misunderstood

With the higher demand summer season approaching, Saudi Arabia has ramped up its oil production to around 10mn b/d. While a gradual increase in output is expected as temperatures in the kingdom begin to rise, the upward trajectory is significant. It signals that the kingdom has not had a change of heart since it steered fellow Opec members toward a decision last November to maintain their output ceiling.

The 27 November meeting was a...