KSA Reverses One-Third of Production Cuts, Excess Oil Stockpiled

The Kingdom of Saudi Arabia has stated to OPEC that the country has reverted part of its supply cuts during the previous month and has pumped over 10 million bpd as the country aims to enliven its supply within its storage tanks. As seen in the OPEC report last Tuesday, the KSA has increased its oil production from 263,300 bpd to roughly 10.11 million bpd. Prior to this development, Oil prices had drastically decreased on top of speculations that the Middle Eastern country has become impatient with regards to other oil producers failing to meet their respective cutbacks. The Saudi Arabian Energy Ministry has additionally stated that the extra oil supply will be moved into the country’s storage.