Saudi Aramco plans to increase oil output from its Shaybah field over the next two weeks to one million barrels per day, Saudi media reported on Thursday, quoting the company CEO.

Amin Nasser also told Saudi journalists that he expected oil prices to increase gradually as the gap between supply and demand decrease, according to the pan-Arab Asharq Al-Awsat newspaper.

Nasser also said the company planned a long-term investment spanning 50 years in the Red Sea, where the company has an exploration platform. -Reuters