Saudi Arabia’s state-owned oil company is likely to increase its production to meet rising demand this year, its chief executive said Tuesday, potentially adding a new flood of crude to a global glut that has pushed prices to record lows. “We’re seeing a global increase in demand,” said Amin Nasser, the chief executive of Saudi Arabian Oil Co., known as Saudi Aramco, at a press briefing at the company’s headquarters. “We are meeting that call on us.” Saudi Arabia, the world’s largest exporter of crude oil, is already pumping at near record levels of about 10.2 million barrels a day. Those production numbers were part of an overall Saudi strategy for dealing with oil prices that collapsed more than 70% between June 2014 and January 2016—pump flat out and compete with other countries for crude buyers. Mr. Nasser’s comments suggest the kingdom’s oil company is prepared to […]