Saudi Arabia Says OPEC Will Now Increase Oil Output

Saudi Arabia Says OPEC Will Now Increase Oil Output


Asia Bizz: Saudi Arabia’s oil minister has said that OPEC has decided that it will now increase the oil output, as the global demand for crude oil is rising for the year 2011. Earlier, the OPEC ministers had claimed that the oil supply around the globe is quite stable and there was no need to raise the oil output.

Prices of crude oil are rising by the day, as the demand for the conventional fuel is increasing haphazardly. OPEC has said it will increase the output by 2% in the coming year, as prices around the world are touching $100 a barrel. Even as many members had said that the output should not rise, Saudi Arabia insisted in the increase as it is the most powerful member of OPEC.

The Saudi Minister has witnessed that all the non-OPEC countries have started to increase their respective oil output, so OPEC too should do the same. He said “boost their supplies to the global market to meet the rising global demand”. He added that the price levels should not rise, rather they would remain the same for the entire year.

Source: BBC