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FINANCIAL NEWS
Qatar to cut oil output in November
14 Nov 2014
(MENAFN) Qatar said that it expects to lower its oil output to about 500.000 barrels per day (bpd) by the end of this November, compared with an output of 650.000 at the end of October and 800.000 a month earlier, Gulf Business reported.
Qatar, which has maximum production capacity of 800,000, said that the first reduction to 650,000 happened to the state of oversupply in the market but that the second to 500.000 was necessary due to refinery maintenance.
The maintenance work, which is being done at Qatar’s Mesaieed refinery, is expected to drop the production to around 500.000 bpd.
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