Oil and Gas Prices Fall as Saudi Arabia Moves to Increase Output

Energy Investing

L.A. Times reports that oil and gas prices declined on concern that Saudi Arabia may increase its oil production by as much as 13%.

L.A. Times reports that oil and gas prices declined on concern that Saudi Arabia may increase its oil production by as much as 13%.

The market news is quoted as saying:

Saudi Arabia may increase its oil production by as much as 13% in coming days, a Saudi newspaper reported Friday. The word came just two days after the Organization of the Petroleum Exporting Countries snubbed a Saudi call to raise production quotas to reduce prices and help boost the global economic recovery.

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