OPEC President Says Group Has No Plan To Reduce Oil Output

OPEC, the supplier of almost 40 percent of the world’s oil, will keep production at current levels to meet global demand regardless of how much prices fall, the group’s president said.

“We affirm that if global demand keeps on growing then we will keep on producing whatever the level of the price is,” Sheikh Ahmad Fahd al-Sabah, who is also Kuwait’s oil minister, said today in an interview in Jordan, where he is attending the World Economic Forum. The 11-member group is currently pumping 30.3 million barrels a day.
Bloomberg