Saudi Arabia to raise oil production

Saudi Arabia may announce increase in oil production in a meeting that it is hosting on June 22 in Jeddah. The record rise in oil price in the world market and increase in demand of oil has led the country to make the announcement.

The Middle East kingdom is expected to get extra 200,000 barrels a day from the next month and the price of oil fell by $1.40 to reach $133.46 a barrel.