Saudi Arabia has started increasing oil output as prices have risen again and amid complaints from big consuming countries including the U.S., The Wall Street Journal reported, citing oil officials in Riyadh.
The officials said Saudi Arabia raised oil production in May by more than 100,000 barrels a day, reaching a daily output of 10 million barrels.
Riyadh plans to boost production by at least another 100,000 barrels a day in June, according to the officials, who did not specify when the increase would begin.
"The move will help ease concerns in the market" sparked by the renewal of economic sanctions re-imposed by the U.S. on Iran in May, one of the officials told the Journal.
The output increase comes before a June 22 meeting of countries belonging to the Organization of the Petroleum Exporting Countries and other oil producing nations, including Russia. The two groups were reportedly considering boosting supplies later this year.
Brent crude oil fell nearly 1.18% on the ICE Futures Exchange to $76.41 per barrel as of 4:59 p.m. ET, and West Texas Intermediate crude oil was down 0.59% to $65.56 per barrel.
