The oil production of Saudi Arabia has reached a twelve year record high level in March, as the country expects the oil prices to jump in the not so distant future, according to the Saudi Minister of Oil, Ali al-Naimi.

 640x392_66207_242689

Saudi Arabia refused the OPEC’s request to reduce the output, and has produced 10.3 million barrels of crude oil per day in March, without any indication of cutting the production in April. Al-Naimi stated in Riyadh that he expects the production to remain above 10 million barrels per day. Ever since the first output statistics have been compiled, by the Joint Organizations Data Initiative, in 2002, the output data on March 2015, has been the largest.

The Minister of Oil of the Saudi kingdom repeated that his country, and the OPEC will not decrease the production without some sort of cooperation from the oil producers outside the OPEC organization. The global oil prices have been halved since June 2014, with a lot of contribution from Saudi Arabia’s record output numbers. Like the largest exporter of oil in OPEC, Russian Federation has reached the record high rates of oil production, since the post Soviet Union era, and United States of America will beat the 1972 crude oil record this year.

Al-Naimi expects for the prices to “Improve in the near future,” saying that “The challenge is to restore the supply-demand balance and reach price stability. This requires the cooperation of non-OPEC major producers, just as it did in the 1998-99 crisis.”

On Wednesday, Brent was sold for 58.18 US dollars a barrel. Brent oil is considered to be the benchmark for half of global oil trade.