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Saudi Arabia plans no cut in oil production

by ChemOrbis Editorial Team -
  • 31/12/2015 (13:52)
According to media reports, Saudi Arabia’s Oil Minister Ali Al-Naimi reported that they are not planning to limit oil production, although multi-year low oil prices stemming from an oversupplied market and weak demand has led the country to a record high budget deficit of $98 billion.

Al-Naimi claimed that demand from their customers meets current production levels and they will not cut production as long as buying interest remains.

On December 28, Saudi Arabia lifted their domestic gasoline prices by as much as 40% and also announced that the government will cut subsidies for electricity, water, diesel and kerosene over the next five years.
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