Saudis seek to raise output target
Saudi oil minister, Ali al-Naimi, has called for an increase in output target set by the Organisation of the Petroleum Exporting Countries (OPEC), in contrast to the assessment by Iraq’s OPEC president, Abdul Kareem Luaibi, who said that there is a surplus in supplies from the 12-member group.
“It’s very clear there is a tremendous surplus that has led to this severe decline in prices in a very short time span,” Luaibi was quoted as saying by Reuters. Al-Naimi said the kingdom’s crude production increase to 10 million barrels a day has helped prevent high fuel prices blocking global growth.
OPEC would need to study an assessment from economists, who met in Vienna to determine how much OPEC crude is needed to balance global supply and demand in the second half of this year, al-Naimi said.
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