Now OPEC is pumping the most oil in 25 years in response to record demand and prices, which peaked at $55.67 a barrel last month on concern about shortages and supply disruptions. Oil has dropped 11 percent since then.
138
Saudi To Extend Oil Output Again
Saudi Arabia, the world's largest oil exporter, is likely to boost output capacity
Saudi Arabia, the world's largest oil exporter, is likely to boost output capacity by 14 percent to avoid shortages due to rising oil demand, Saudi oil minister Ali al-Naimi said yesterday.
According to him, Saudi Arabia's capacity will rise to 12.5 million barrels a day from 11 million now. Al-Naimi also said OPEC had no plan to drop the dollar as the basis for oil sales, and he declined to reiterate support for the group's official price target of $25 a barrel.
"The spare capacity helps assure the continuity of stable markets by making more oil available in times of supply dislocations or any unusual surge in demand," Mr. Naimi said in London at a conference on the Middle East organized by the Royal Institute of International Affairs.
Now OPEC is pumping the most oil in 25 years in response to record demand and prices, which peaked at $55.67 a barrel last month on concern about shortages and supply disruptions. Oil has dropped 11 percent since then.
Now OPEC is pumping the most oil in 25 years in response to record demand and prices, which peaked at $55.67 a barrel last month on concern about shortages and supply disruptions. Oil has dropped 11 percent since then.
Подпишитесь
