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Saudi Arabia gave the strongest instructions on October 23 from Riyadh and Dubai's Bloomberg News Agency, which is working to stem the rise in oil prices, saying OPEC and allies are "producing as best they can" to meet demand and make up for any looming shortage
.
Saudi Arabia has boosted oil production to 10.
7 million b/d, near an all-time high
.
Saudi Energy Minister Al-Falih said plans to diversify the economy would continue, but oil and gas expansion would remain a priority
.
In addition to crude oil investment, Saudi Arabia also intends to cooperate on LNG projects overseas and start LNG trading
in the future.
Global gas consumption is growing, with oil demand rising from the current 100 million b/d to 120 million b/d
in 30 years, he said.
To maintain a steady supply in the crude market, Al-Falih said he hoped the Organization of Petroleum Exporting Countries and its non-OPEC oil partners would sign an "open-ended" agreement
in December.
The group, sometimes referred to as OPEC+, agreed to cut output in late 2016 to eliminate the oversupply and has been intervening ever since to harmonize production and balance the market
.
12Next View full article
Saudi Arabia gave the strongest instructions on October 23 from Riyadh and Dubai's Bloomberg News Agency, which is working to stem the rise in oil prices, saying OPEC and allies are "producing as best they can" to meet demand and make up for any looming shortage
.
Saudi Arabia has boosted oil production to 10.
7 million b/d, near an all-time high
.
Saudi Energy Minister Al-Falih said plans to diversify the economy would continue, but oil and gas expansion would remain a priority
.
In addition to crude oil investment, Saudi Arabia also intends to cooperate on LNG projects overseas and start LNG trading
in the future.
Global gas consumption is growing, with oil demand rising from the current 100 million b/d to 120 million b/d
in 30 years, he said.
To maintain a steady supply in the crude market, Al-Falih said he hoped the Organization of Petroleum Exporting Countries and its non-OPEC oil partners would sign an "open-ended" agreement
in December.
The group, sometimes referred to as OPEC+, agreed to cut output in late 2016 to eliminate the oversupply and has been intervening ever since to harmonize production and balance the market
.
12Next View full article
12Next View full article
