Saudi Arabia will ramp up oil production to offset drop in Iranian supply

The kingdom and its oil-producing allies are planning a possible production increase of about 500,000 bpd

Saudi Arabia will quietly add extra oil to the market over the next couple of months to offset a drop in Iranian production but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude.

The kingdom, Opec’s top producer, came under renewed pressure last week from US President Donald Trump to cool oil prices ahead of a meeting in Algiers between a number of Opec ministers and allies including Russia. 

Two sources familiar with Opec policy said Saudi Arabia and other producers discussed a possible production increase