Opec may need to raise output target: Saudi
Riyadh, June 11, 2012
Opec may need to raise its oil output target when it sets production policy on Thursday for the second half of the year, Saudi Oil Minister Ali Al-Naimi said in an interview published on Monday.
"Our analysis suggests that we will need a higher ceiling than currently exists," Naimi said in the interview with the new publication, Gulf Oil Review.
Opec is producing about 1.8 million barrels daily in excess of its formal output target of 30 million bpd set in December. - Reuters
More Energy, Oil & Gas Stories
- GCC firms consider Occidental Mena stake bid
- Experts discuss Mena energy markets outlook
- Saudi Nov output steady, pumps 9.745m bpd
- Libya lost $7bn to oil strikes, says minister
- Iran to start gas exports to Iraq by July 2014
- Taqa invites banks ahead of bond issue
- Dewa ups 2014 budget by $1.8bn from 2013
- Egypt govt pens energy debt payoff deal
- Qatar ready to invest in Turkey power project
- Asia gasoline margins set to plunge in 2014