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No reason for Opec to raise oil output, Saudi minister says

Posted on 13 May 2014

The oil market is stable and supply shortages can be covered, so the Opec has no reason to change its production levels, according to Saudi Arabia’s oil minister.
Opec’s current output of about 30 million barrels a day is the right level and global oil demand is “great,” Ali Al Naimi told reporters in Seoul. Saudi Arabia, the biggest producer in the 12-member group, is pumping about 9.6m barrels a day and has 12.5m of capacity, he said………………………………………..Full Article: Source


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