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IEA head rules out further drop in oil output this year

Posted on 15 January 2013

The Executive Director of the International Energy Agency (IEA) Maria Van der Hoeven said Monday she doesn’t see a further decline in global crude production in 2013.
Saudi Arabia cut its oil production by close to 5 percent to 9.025 million barrels a day in December in response to lower demand chiefly from Asian customers, and comes amid expectations for lower demand for crude oil from the Organization of the Petroleum Exporting Countries this year. Asked by Dow Jones Newswires in an interview if the market is likely to see further production cuts this year, Van der Hoeven said: “I don’t think so.”……………………………………….Full Article: Source


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