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- Gulf OPEC members ready to increase oil production if there is demand - Reuters reports, citing sources
Gulf OPEC members ready to increase oil production if there is demand - Reuters reports, citing sources
Gulf oil producers are committed to market stability and have the capacity to raise output, but any decision to boost production has to be a measured one depending on demand, the sources told Reuters.
“The question is how fast and by how much will OPEC raise output. This still needs to be done after consultations with other countries,” one source said.
“It needs to be discussed and studied. There is an (OPEC) agreement that must be respected, we will not (raise output) immediately for sure.”
Another source said any decision to increase output must depend on demand.
“There must be actual impact on the market and a real demand from customers,” this source said, adding that any physical additional barrels by Gulf oil producers to compensate for a supply decrease from Iran are unlikely to be seen until June.
Saudi Arabia’s oil exports in May are not expected to be much higher than April, two sources said.
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