Global Oil & Gas: Saudi Arabia indicates commitment to OPEC cuts

saudi-arabia-oilSaudi Arabia dismissed concerns of a fraying OPEC deal, stating that the country would remain committed to the production limits this year.

The response came after the Iranian oil minister suggested his country wanted to ramp up production, sparking speculation that the OPEC deal could begin to suffer, but Saudi Aramco said on Wednesday that its output would remain below 10 million barrels per day (mb/d).

“Saudi Arabia continues to lead by example by producing below the production targets it agreed to,” the Saudi energy ministry said in the news release. That statement was unusual because the company typically does not publish what it will produce ahead of time.

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