Austria: OPEC retain target output, oil set for first weekly drop since March01:18

Austria: OPEC retain target output, oil set for first weekly drop since March

Austria, Vienna
June 5, 2015 at 17:05 GMT +00:00 · Published

Saudi Arabian Minister of Petroleum and Mineral Resources Ali al-Naimi, when asked why the Organisation of the Petroleum Exporting Countries (OPEC) has decided to keep the same output target, responded by saying "that's what the market needs," while exiting the OPEC oil ministers meeting in Vienna, Friday.

OPEC have decided to retain the same crude production target which stands at a ceiling of 30 million barrels a day, meaning the market will be oversupplied according to reports.

According to a report compiled by Bloomberg, OPEC produced 31.58 million barrels of oil per day during the month of May, meaning its target has been exceeded for every month since May 2014.

An RT journalist also asked al-Naimi's opinion on reports that US President Barack Obama may release a report on 9/11 that identifies Saudi Arabia as a direct financer of the attacks. Republican Senator Rand Paul has requested that Obama declassifies 28 pages that were edited out of a 2002 US Senate report. Al-Naimi responded by saying: "I don't even know what you are talking about."

Austria: OPEC retain target output, oil set for first weekly drop since March01:18
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Saudi Arabian Minister of Petroleum and Mineral Resources Ali al-Naimi, when asked why the Organisation of the Petroleum Exporting Countries (OPEC) has decided to keep the same output target, responded by saying "that's what the market needs," while exiting the OPEC oil ministers meeting in Vienna, Friday.

OPEC have decided to retain the same crude production target which stands at a ceiling of 30 million barrels a day, meaning the market will be oversupplied according to reports.

According to a report compiled by Bloomberg, OPEC produced 31.58 million barrels of oil per day during the month of May, meaning its target has been exceeded for every month since May 2014.

An RT journalist also asked al-Naimi's opinion on reports that US President Barack Obama may release a report on 9/11 that identifies Saudi Arabia as a direct financer of the attacks. Republican Senator Rand Paul has requested that Obama declassifies 28 pages that were edited out of a 2002 US Senate report. Al-Naimi responded by saying: "I don't even know what you are talking about."