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FINANCIAL NEWS
Opec not likely to change output target
11 Nov 2013
(MENAFN) The Kuwaiti oil minister said that the Organization of Petroleum Exporting Countries (Opec) is not expected to change its crude output target in its next meeting, The Peninsula reported.
The minister said that Kuwait produces 2.9 million crude barrels per day (bpd), but has the capacity to produce 3.2 million bpd which is expected to hit 4 million bpd by the end of the decade.
Opec accounts for more than 30 percent of the total oil produced in the world, but the organization expects demand to fall as other energy sources come into demand.
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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