OPEC’s Crude Oil Output ‘Adequate to the Market’, says UAE
From Al Arabiya
OPEC’s current crude production is “adequate to the market” and there is no talk of the cartel changing its output target of 30 million barrels per day (bpd) when it meets in December, the UAE’s energy minister, Suhail bin Mohammed al-Mazroui, said.
The Organization of the Petroleum Exporting Countries, which pumps more than a third of the world’s oil, meets on Dec. 4 in Vienna to decide whether to adjust its output target.
“There is no sign or something that we can tell you today to say we are increasing or decreasing the quota,” Mazroui told Reuters in an interview, referring to the December meeting.
“But what is certain is we will ensure the market is well-supplied,” he said on Sunday in the city of Daegu, about 300 km southeast of the South Korean capital and the venue of this week’s World Energy Congress.
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