Saudi Arabia, the world’s largest oil exporter, is probably boosting its output of the commodity, according to the International Energy Agency.
“There are indications that Saudi production is increasing,” David Fyfe, head of the IEA’s oil industry and markets division, told reporters in Washington today. “At the same time, it takes time for that oil to get to the market, and Saudi domestic crude utilization will probably also be increasing in June and July.”
The Paris-based agency, a policy adviser to 28 industrialized nations, including the U.S., Japan and Germany, is monitoring oil markets to determine whether members need to release reserves and cover the gap between commodity supply and demand, Fyfe said.
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