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Saudi Arabia’s move for larger global oil market share to adversely affect Russian economy

April 09, 2015, 9:28 UTC+3 KUWAIT CITY
The feedstock production growth in Saudi Arabia will adversely affect the Russian economy, Kuwait-based oil expert Kamel al-Harami says
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© AP Photo Archive/Matthew Brown

KUWAIT CITY, April 8. /TASS/. Saudi Arabia is seeking after the larger OPEC’s share on the global oil market by boosting the oil output and this will adversely affect the Russian economy, experts questioned by TASS said.

The kingdom’s oil production in March was a record high 10.3 million barrels a day, Saudi Arabia’s oil minister Ali al-Naimi said on Wednesday. The previous record was set in August 2013 when the oil production peaked 10.2 million barrels a day.

The oil prices hike is expected in the nearest future, the minister said. Saudi Arabia will continue to produce about 10 million barrels a day, al-Naimi added. Saudi Arabia is ready to contribute to the market stability recovery with participation of major OPEC and non-OPEC oil producers, the minister added.

The feedstock production growth in Saudi Arabia will adversely affect the Russian economy, Kuwait-based oil expert Kamel al-Harami said. Saudi Arabia tells Russia we will suffer together until Moscow cuts production. The message is clear, the analyst added.

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