Saudi has no plans to cut oil output

11 Dec 2014

(MENAFN) Saudi Oil Ministry said that it has no plans to cut its oil output, despite the continuous decline in oil prices, which resulted in them reaching their five-year low at USD60 a barrel

Saudi Arabia, the main member of the Organization of the Petroleum Exporting Countries (OPEC), said it is planning to maintain its output, producing between 9.6 million and 9.7 million barrels per day in November.

Meanwhile, the other OPEC members are divided on how to respond to the global surplus and falling prices, with Algeria and Venezuela have saying that the group needs to have an emergency meeting to discuss action for boosting prices.

The prices, which have been falling since June, were also negatively affected by the OPEC’s monthly report, which revised down demand for the group’s oil next year to 28.92 million bpd, down 280.000 bpd from its previous expectation.

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