TABJ - June 29 - The International Energy Association’s (IEA) decision to release some of its emergency stockpile to sure up the oil markets has ruffled plenty of feathers, not least those of OPEC (Oil and Petroleum Exporting Countries) the body of countries including oil power player Saudi Arabia. The market has since pondered on whether, given the injection of IEA supply, Saudi will go ahead with previous plans to up its output.

Gulf officials have now answered these queries, stating that “Saudi Arabia will still increase its output to meet any expected demand in the market regardless of the IEA release of emergency stocks.”

The oil leading nation already upped output for June to between 9.5 million and 9.6 million barrels per day (bpd), and reports state that it could go even higher, demand depending. Unlike other countries that have spoken candidly and critically about the IEA decision, Saudi has stood back from the furore and continued with business as usual to acclaim.