After yesterday’s meeting of the OPEC countries failed to agree to the request sponsored by Saudi Arabia to increase oil production, the world’s largest producer of oil today said it would go ahead with its planned production increases. By July, Saudi Arabia plans to increase output to 10 million barrels of crude a day to provide more crude for Asian refineries.
The news saw U.S. crude fall by $1.30 a barrel to $100.63, while ICE Brent for July delivery was 54 cents down at $119.03 a barrel at 1237 GMT.
Source: Reuters