Oil production

Decision took into account balance of supply and demand and was aimed at curbing market volatility, says Saudi FM

Steep rise in car sales, economic activity drive demand for petroleum products

Finance Division working on hedging options to take advantage of low crude prices

Prince Abdulaziz says kingdom's oil production capacity now stands at 11.3 million barrels per day

Last round of bidding was held by PPP government in 2013

It comes following global oil price recovery, less reliance on oil-based power plants

Petroleum Division’s revision of latest policy framework lies at the core of the issue

Crude production of 9.9m bpd in US is now at highest level in nearly 50 years

Country produced 88,189 bpd, still lower than initial average of 95,000 bpd

Opec and other non-Opec producers due to meet in the Russian city of Saint Petersburg on Monday

Falls 1% to average 81,570 bpd in May 2017 compared to same month last year

Surge comes due to two new oil reserves; both fields added around 11% to December 2016 estimates

OPEC cartel agreed to reduce production to boost prices in November last year

Russia and 10 other non-OPEC states will reduce their production by more than half a million barrels per day