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
- Sembcorp HV picks HSBC for Oman share sale
- Lukoil unit wins big gasoil supply deal in Egypt
- Investcorp buys stake in Saudi energy firm
- Bahrain’s new plan to tackle power, water
- Equate wins CSR award
- APR Energy wins biggest Libya power contract
- Aramco-Dow JV raises funding for $19bn project
- GCC to pump over $250bn into power projects
- Oil soars to new high on ME unrest
- Iran oilfields 'could spring back from Western sanctions'