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Saudi Arabia in short-term oil fix, fears extra U.S. supply next year

Arab World Materials 27 September 2018 13:33
Saudi Arabia will quietly add extra oil to the market over the next couple of months to offset a drop in Iranian production
Saudi Arabia in short-term oil fix, fears extra U.S. supply next year

Saudi Arabia will quietly add extra oil to the market over the next couple of months to offset a drop in Iranian production but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude, Reuters reports.

The kingdom, OPEC’s top producer, came under renewed pressure last week from U.S. President Donald Trump to cool oil prices ahead of a meeting in Algiers between a number of OPEC ministers and allies including Russia.

Two sources familiar with OPEC policy said Saudi Arabia and other producers discussed a possible production increase of about 500,000 barrels per day (bpd) among the Organization of the Petroleum Exporting Countries and non-OPEC allies.

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