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FINANCIAL NEWS
Saudi oil supply increases in November
15 Dec 2014
(MENAFN) Saudi Arabia’s supply of crude oil inched up in November, with the Kingdom supplying 9.420 million barrels of crude oil per day in November, registering an increase by 40.000 bpd compared with October’s supply and from 9.36 million bpd in September, The Peninsula Qatar reported.
This increase in the Saudi’s supplies is an indication that it does not plan to change the volume of its supplies of oil despite oil prices falling to their five-year low and the market being oversupplied due to low demand from both China and the Eurozone.
Saudi Arabia, the world’s largest oil supplier, led a decision made by OPEC in late November to not cut its production of oil next year and keep it at its levels, despite the International Energy Agency (IEA) cutting its energy demand forecasts for 2015.
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