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FINANCIAL NEWS
Saudi Arabia increases oil pumping
31 Aug 2013
(MenaFn) Saudi Arabia increased oil pumping 1 million barrel per day during the period from April to the end of June and plans to pump 10.5 million barrel per day by the end of September, according to Gulf Daily News.
Gary Ross, chief executive of the US energy consultancy PIRA, said: “The reason they’re producing that much is simple – the world needs the oil. This is the tightest physical balance on the world oil market I’ve seen for a long time.”
The world will suffer crude shortage if the increase doesn”t happen resulting in higher oil prices.
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