Saudi satisfied with OPEC output decision

02 Dec 2014

(MENAFN) Saudi Arabia, OPEC’s biggest oil producer, said it was very pleased with the group’s decision to maintain oil output despite the falling in oil prices and an oversupply in the global market, Gulf News reported.

The organization, which pumps one-third of global oil, decided to keep production at 30 million barrels a day, despite a number of its members including Venezuela seeking a production cut to protect their revenue.

Saudi has maintained that the organization need to put its focus on the US and its rising production of Shale oil, which is affecting OPEC’s market share more than the falling in the prices of oil, which fell to lowest levels in five years following OPEC’s decision.

“The kingdom pays attention to the stability of the international market, and that its policies are based on the short and long term economic interests of the kingdom. Cooperation by OPEC and non-OPEC producers is a joint responsibility to achieve a stable market,” The Saudi Cabinet said.

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