Riyadh – Mubasher: Saudi Arabia may increase its oil production in June to cover the local power demand.

Any increase in the Saudi output will be within the limits of the quota set by OPEC+ group, informal sources told Reuters.

Riyadh’s oil production is expected to reach 10 million barrels per day (bpd) in May, the sources added.

“The Saudis want oil prices to stay at current levels at least for a month or two. They do not want to raise their production above the 10.3 million bpd because they are part of the OPEC+ pact, but they are also being pressured by the US to increase their output,” Reuters reported, citing one of the sources as saying.

Global oil supply faces many challenges including the political unrest in Venezuela and Libya.

Members of OPEC and its allies are set to meet on 25 and 26 June to review the oil output cut pact.

Oil went down at Thursday’s settlement, marking its lowest level in a month, on the back of higher supplies. June Nymex WTI fell $1.79, or 2.8%, to close at $61.81 per barrel.