Saudi Arabia plans to lift production to 10 mbd by July.

It is accelerating development of the supergiant offshore Manifa field, the FT reports. Manifa is the fifth largest field in the world but produces sour crude and was mothballed in the 1980s. Saudi expects to maintain 2 mbd of spare capacity, and the oil market expects this too, if price stability is to be maintained. Total production capacity at the moment is reported as 12.5 mbd.

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