Saudi Arabia’s oil production is at lowest of two years

According to media reports, Saudi Arabia, the world’s biggest oil producer, is producing less than 10 million barrels a day, which is under the level it targeted following the OPEC oil cut deal, and its production is currently at its almost two-year-low.

The reports revealed that the country wants the market to be sure that the country is taking serious action and that the rise in demand along with the decrease in output is expected to rebalance the market by supporting oil prices.

OPEC states will meet major producers outside the group later this month in Vienna to evaluate their compliance with the oil curb deal. The member states will also meet again in six months to evaluate the situation of the global oil market and to consider extending their output cuts to the second half of the year.