OPEC Will Increase Production if Necessary

While the Organization of Petroleum Exporting Countries' Secretary General Adballa Salem el-Badri says that the world market is adequately supplied at present, OPEC would increase oil production at future meetings if it is necessary, Reuters news agency reports.

According to Salem el-Badri, OPEC ministers would not hesitate to raise production if it becomes clear that an increase is necessary, although he is confident that there is enough oil in the market. OPEC provides about 40% of the world oil needs.

OPEC is scheduled to meet next on Feb. 1 and March 5.

We want to hear from you. Questions, opinions and suggestions are all welcomed by the Rigzone Staff. Write us at news@rigzone.com .


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Tax Specialist Required for Global Service Company in Houston
Expertise: Accounting
Location: Houston, TX
Administrator / Office Supervisor
Expertise: Accounting
Location: Sugar Land
SEC & Financial Reporting Manager
Expertise: Accounting|Business Analyst|Financial Analyst
Location: Houston, TX
search for more jobs

Brent Crude Oil : $52.42/BBL 2.12%
Light Crude Oil : $49.51/BBL 2.35%
Natural Gas : $3.17/MMBtu 2.25%
Updated in last 24 hours