Saudi Arabia: It's highly unlikely we will increase production next year

Author: Adam Button | Category: News

Comments from the Saudi energy minister

  • Expects oil surplus to exceed demand in 2019
  • Will do what it takes next year to keep market balanced

Other oil news:

  • Venezuela says it plans to increase production to 2mbpd by the end of 2018 and around 2.5mbpd within a year (currently at 1.5mbpd)
  • Russian energy minister says will achieve 100% compliance in Sept or Oct
  • OPEC says 2040 demand to rise by 14.5 mbpd
  • OPEC sees tight oil production rising to 13.3mbpd from 7.4mbpd currently
  • Next OPEc meeting will be Dec 6-7
  • No production increase at meeting, focus is on 100% compliance
  • Iran OPEC gov says if Iran's output declines, it is the responsibility of OPEC and non-OPEC to balance the market
On net, there are no real surprises here. With compliance currently at 126% (ie. no meeting quotas), it's highly doubtful they'll raise production enough to get to 100% this month.
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