Thursday, August 25, 2016

No specific action on OPEC freeze discussed yet: Saudi energy minister

A gas flame is seen in the desert near the Khurais oilfield, about 160 km (99 miles) from Riyadh, Saudi Arabia June 23, 2008. REUTERS/Ali Jarekji/File Photo
A gas flame is seen in the desert near the Khurais oilfield, about 160 km (99 miles) from Riyadh, Saudi Arabia June 23, 2008. REUTERS/Ali Jarekji/File Photo

Saudi Arabian Energy Minister Khalid Al-Falih does not believe it is necessary for any "significant intervention" in oil markets at this time, he told Reuters following a speech on Thursday. The kingdom produced 10.67 million barrels per day of crude oil, the most in its history, in July, and Al-Falih said on Thursday that production has remained around that level. Talks are scheduled in September to discuss a global output freeze pact. Al-Falih said there have not been any specific discussions on a production freeze by the Organization of Petroleum Exporting Countries as of yet, even though world supply remains high. He said demand is "picking up nicely" around the world.
(Reporting by Nichola Groom; Editing by James Dalgleish)
This article was first seen on Reuters