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FINANCIAL NEWS
Saudi crude output increases on strong demand
21 Feb 2015
(MENAFN) According to energy consultancy PIRA, production from Saudi Arabia is rising, and demand has pushed it up to about 10 million barrels per day (bpd), Arab News reported.
The estimate suggested the country is hewing tightly to the strategy of protecting market share rather than cutting production to try to inflate prices, the agency added.
Saudi production averaged about 9.7 million bpd since last June, according to the consultancy. “Additional demand has pushed output to just under, if not above, 10 MMB/D,” PIRA said.
The country’s rising production boosted OPEC’s oil supply in January, according to a Reuter’s survey earlier this month, a sign that key members are standing firm in refusing to prop up prices.
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