Saudi’s ARAMCO increases output to 600,000 barrel per day

Saudi Arabia’s state oil giant, ARAMCO, issued a statement on Friday, announcing that it increased output to 600,000 barrel per day (bpd), in its attempt to counter a potential shortfall in global supplies once the US imposes additional sanctions on Iran, starting November 4^th.

Meanwhile, both crude benchmarks stay bid and pay little heed to the Saudi headlines, as looming supply risks from Iran sanctions continue to lend support to the oil markets.