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Saudi oil minister says output to stay at ~10M bbl/day

Apr. 07, 2015 7:30 PM ETUCO, USO, OIL-OLD, DBO, TWTI, USL, DTO, OLO-OLD, SCO, DNO, BNO, UWTI, DWTI, SZOXF, OILBy: Carl Surran, SA News Editor38 Comments
  • Saudi Arabia’s oil minister said today that Saudi crude production will continue near a record ~10M bbl/day, signaling that his country is determined to ride out the price slide without making any output cut.
  • Saudi Arabia is willing to participate in restoring market stability and restoring prices, but it can only do so with participation from major oil producing countries inside and outside OPEC, Ali al-Naimi said; OPEC next meets in June.
  • The Saudis are betting that running its energy sector hard, investing in oil, gas and refining and pushing for new business in troubled times will enable the kingdom to retain its dominance.
  • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM

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