(MENAFN) Saudi Arabia said that it is likely to keep its oil output steady throughout the rest of 2014 as world oil consumption is expected to rise and winter approaching thus raising domestic and global demand, Gulf Business reported.
The top exporter and holder of the world's largest spare capacity cut its output by around 400.000 barrels per day in August, but the amount of crude supplied to the market, both domestically and for export, increased to 9.688 million bpd, compared to around 9.66 million bpd in July, thus indicating no change in Saudi oil supply policy.
Meanwhile, Saudi crude output at is expected to reach around 9.5 million to 9.6 million bpd in the coming months due to an increase in seasonal demand, while Saudi exports will probably stay around 6.9 million to 7.1 million bpd until December.
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