Saudi Arabia began increasing oil production ahead of the OPEC meeting

According to Dow Jones on June 8, before the upcoming OPEC meeting on June 22 for major oil producers to discuss easing oil production restrictions, Saudi oil officials said that Saudi Arabia has taken early action to start increasing oil production
.

Last month, Saudi Arabia's oil minister said he was considering easing production cuts after Saudi Arabia signed a deal in 2016 in cooperation with other major producers, including OPEC members and Russia, when oil prices were low and were intended to deplete a global glut of crude and push prices
higher.

Today, oil prices have risen again, with international crude prices recently exceeding $80 a barrel, with some large consumers, including the United States, complaining about their impact on their economies
.
Fears of a further global supply crisis have intensified
amid massive power outages in Venezuela and Washington's resumption of economic sanctions against Iran.

Ahead of the Vienna meeting, Saudi oil officials said Saudi Arabia had begun increasing oil production by more than 100,000 b/d last month and now has topped about 10 million b/d
.
The officials said Saudi Arabia plans to increase oil production by at least another 100,000 b/d
this month.

An official said: "Saudi Arabia's move will help ease market concerns
about the disruption of Iranian oil supply.
" ”