Saudi Arabia Defends Policy, Slams Media Report

Saudi Arabia has increased its oil production over the last three months because of market conditions, particularly a rise in global demand and the needs of its customers. The kingdom’s output policy is not meant to compensate for lower oil prices, the Saudi Oil Ministry said in a statement rebutting a Wall Street Journal article.

“Saudi Arabia’s petroleum policy, in terms of oil production and international oil markets, depends on clear data and serves the kingdom’s best interests,” said the statement issued by the ministry’s public relations department, a rare intervention that demonstrates frustration by the Opec giant at media interpretations of its output policy. (CONTINUED - 538 WORDS)