Saudi pumps more oil before OPEC meeting
Saudi Arabia An increase in crude output comes before the OPEC meeting on Friday in Vienna to discuss its production policy. OPEC’s collective output is currently set to 30 million barrels a day. A separate recent Bloomberg survey predicts that this is output is something that will stay the same.
“Each and every country, and particularly the Saudis and the other monarchies of the gulf, will protect their market share and increase their market share as much as possible,” said Rene Ortiz, former secretary-general of OPEC.
This increase in production suggests that Saudi Arabia is more concerned about providing energy to its growing consumption as its population has surged and a middle class has come to the forefront.
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