Energy Minister says oil output to increase gradually over next 3 years

Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, said that oil production would gradually increase beginning in 2025 and continuing for the next three years before returning to 12.3 million barrels in 2028.

Speaking at a panel discussion at the St. Petersburg International Economic Forum, the minister stated that accusations against OPEC+ of price fixing have failed to scare the alliance.

Saudi Arabia, he added, will focus on generating electricity from renewable energy, saving about one million barrels of oil and benefiting in other ways.