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Minister: Saudi Arabia raises oil production to 10.7 million bpd

Saudi Energy Minister, Khalid al-Falih said on Wednesday that the kingdom would increase crude oil production to 10.7 million bpd in October.

Speaking on the sidelines of an energy forum in Moscow, al-Falih said the kingdom wants to meet the growing market need for crude oil.

According to the latest figures from OPEC, Saudi oil production increased from 10.288 million bpd in July to 10.412 million bpd in August.

Earlier this month Saudi Arabia pledged to meet the growing market demand.

Crude oil prices are the highest in four years at $85 a barrel.
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