Oil Production In Saudi Arabia To Jump 20%

Saudi Arabia has announced plans to increase production of crude to 15 million barrels a day by 2020. The Gulf nation currently produces 12.5 million barrels of the commodity. According to a Bloomberg report, the increased production will allow the country to export as much as 20 million barrels of crude per day.

Oil production is a sensitive strategic issue for those countries where production of the fuel makes up a large part of their economic activity. If oil supplies are kept low, the price will rise and the world may move to...