Tuesday, October 06, 2015

Russia and Saudi Arabia to Continue Pumping Oil

World’s two biggest oil producers indicate that they won’t crimp production despite price falls

By Georgi Kantchev and Summer Said, WSJ
Updated Oct. 2, 2015 8:42 p.m. ET

Russia and Saudi Arabia—the world’s two biggest oil producers—indicated Friday they weren’t pulling back from huge crude output levels that have helped send prices tumbling.

Russia said it produced oil in September at levels not seen since the fall of the Soviet Union, pumping an average of 10.74 million barrels a day, government data showed on Friday. Oil production increased 0.4% from August.

On the same day, one of the world’s most influential oil ministers—Saudi Arabia’s Ali al-Naimi—said his country would continue investing in oil and gas, saying his country remained committed to energy resource development, according to a Saudi Press Agency report. The world’s largest exporter has ramped up production above 10 million barrels a day for the past few months.

(More here.)

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