Saudi Arabia will not change its oil production

Moscow. December 30. Saudi Arabia is not going to change its policy in the sphere of oil production, considering it as reliable, said the oil Minister of the country Ali Ibn Ibrahim an-Nuaimi.

Thus, he confirmed that Saudi Arabia, the largest oil producer in OPEC, will not cut production despite the falling oil prices to multi-year lows, writes the newspaper the Wall Street Journal.

“It’s a solid policy, and we are not going to change it. We will satisfy the demand of our clients. We are no longer limited production. If there is demand, we will respond. We have the ability to respond to emerging demand,” the Minister told reporters on the sidelines of the held in Riyadh event.

At the meeting of the 4 December OPEC decided not to adhere to the established quotas and intends to maintain the actual level of production, amounting to about 31.5 million barrels a day.

According to OPEC, Saudi Arabia in November, slightly reduced oil production compared to the previous month – by 25.2 thousand b/d, up to 10,13 million b/d. nevertheless, the index remains above the level of November 2014 – 9,584 million b/d.

Oil prices Brent and WTI are at multi-year lows. So, the price of Brent on December 22 fell to $35,98 per barrel – the lowest level since 2004.

Futures price for Brent oil for February on London’s ICE Futures exchange to 17:30 GMT on Wednesday fell to $0,88 (2,33%) – to $36,91 per barrel.

The price of February futures contracts for WTI crude oil during trading on the new York Mercantile exchange (NYMEX) had dropped to $1,03 (2,72%) – to $36,84 per barrel.

The drop in the value of WTI for 2014-2015 is about 62%, the highest decline over the biennium. In 2014, WTI fell by 46%, in 2015 – by 31%.