"We think the market is well supplied... I think by numbers we already have more than the 500,000 bpd of real production," he said, referring to a proposed 500,000 bpd increase by mid-May.
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OPEC Won't Pump More Oil
OPEC's president Sheikh Ahmad Fahd al-Sabah said Monday that there is no immediate need to pump any more oil
OPEC?s president Sheikh Ahmad Fahd al-Sabah said Monday that there is no immediate need to pump any more oil, because the cartel is pumping enough.
"Our latest information is that the OPEC -10 production now is 29.7 million bpd. There is (more than) two million (bpd) over (official) production," al-Sabah said.
"We think the market is well supplied... I think by numbers we already have more than the 500,000 bpd of real production," he said, referring to a proposed 500,000 bpd increase by mid-May.
"The market needs real supply and this is what is on the market. Since Isfahan, two million barrels has been added to the market," Sheikh Ahmad said.
"We think the market is well supplied... I think by numbers we already have more than the 500,000 bpd of real production," he said, referring to a proposed 500,000 bpd increase by mid-May.
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