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Saudi Arabia may increase production to record level

Posted on 10 June 2014

Ministers from the Organization of the Petroleum Exporting Countries (OPEC), which produces about 40 percent of the world’s oil, are expected to leave their oil-production level unchanged in their meeting on June 11 in Vienna. In a Bloomberg survey 22 of the 23 analysts polled made a similar prediction.
What might have to change, however, is Saudi Arabia’s production quota within the cartel, as it will have to increase output to record levels to counteract supply shortfalls. “I don’t see anything changing in terms of the 30 million barrels-per-day target,” an unnamed OPEC source told Reuters. “It should be a fairly relaxed meeting.”……………………………………….Full Article: Source


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