Output will not be reduced at June OPEC meeting - source

Output will not be reduced at June OPEC meeting - source

28 May 2015, 15:50
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An OPEC source who preferred to stay unnamed said to Saudi Arabia's Al Hayat newspaper that the cartel is not likely to reduce oil production at the meeting in June, and the meeting will be short.

Saudi Arabia, OPEC's most influential member, will continue producing oil to meet customer demand and win its market share. The country's output is currently at about 10.3 million barrels per day in light of growth in demand from China and India, the source added.

Other people's interests are of no interest for Saudi Arabia which will not sacrifice its market share, especially if there is no cooperation on oil policy from non-OPEC member-states. This line has been reiterated by Saudi officials in recent months.

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