Saudi Arabia To Boost Oil Production To 10 Million Bpd As Prices Rise

Saudi Arabia is expected to hike its crude oil production to 10 million barrels per day (bpd) by the end of 2021, up by 1.5 million bpd from May, due to rising global oil demand, Goldman Sachs said on Tuesday. Farouk Soussa, Middle East and North Africa (MENA) economist at Goldman, raised his forecasts for Saudi Arabia’s oil production by 500,000 bpd from previous estimates, according to a note carried by Bloomberg. “We see risks to the oil sector as being significantly skewed to the upside,” Soussa wrote in the note. Goldman…