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08Apr15
Saudi Arabia boosts daily oil output to record 10.3 million barrels -- reports
Saudi Arabia increased the oil production in March to around 10.3 million barrels per day, the highest in the Joint Organizations Data Initiative database since 2002, Bloomberg has reported.
The report said this figure was unveiled by Saudi Arabia's oil minister Ali al-Naimi on Tuesday at a conference in Riyadh. The minister however gave no grounds for boosting the oil output last month.
Several weeks ago, the minister promised to keep producing around 10 million barrels per day, the business news agency reported.
The previous record was established in August 2013 with an average of 10.2 million barrels per day.
Saudi Arabia's King Salman bin Abdulaziz Al Saud announced plans on March 10 to continue developing oil and gas fields despite the falling oil prices. He said Saudi Arabia would build a "strong economy" that will be based on several sources of revenues.
After a meeting on November 27, 2014 in Vienna, the Organization of the Petroleum Exporting Countries (OPEC) decided to keep the daily oil production quota of 30 million barrels, which sent oil prices further down.
A month after the meeting, Algeria's authorities sent a request for decreasing the level of production in an effort to stabilise prices. In late December 2014, the country's Energy Minister Youcef Yousfi said OPEC had to intervene to correct the imbalances by cutting oil output to push prices up and defend incomes of the member-countries.
[Source: Itar Tass, Kwait City, 08Apr15]
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