Energy Headlines
August 23, 2016
June OPEC meeting won't cut output: Saudi paper quotes source
OPEC is not expected to cut oil production at its meeting in June, and the meeting is expected to be a short one, Saudi Arabia's Al Hayat newspaper quoted an unnamed OPEC source as saying on Thursday.
Saudi Arabia will continue producing oil to meet customer demand, and its output is now at about 10.3 million barrels per day in light of growth in demand from China and India, the source added.
He said Saudi Arabia would not sacrifice its market share for other people's interests, especially if there was no cooperation on oil policy from outside OPEC - a line which has been stated repeatedly by Saudi officials in recent months.
Al Hayat is a major Saudi newspaper with a strong reputation for covering oil policy.
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