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Qatar cuts oil output due to market oversupply

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13 Nov 2014 11:29 #223171 by chairman
DOHA: OPEC member Qatar expects to lower oil output to about 500,000 million barrels per day (bpd) by the end of November, down from 650,000 at the end of October and from 800,000 a month earlier than that, an industry source familiar with the matter said.

The reduction to 650,000 was decided because of market oversupply, and the second to 500,000 was made necessary because of refinery maintenance, the source said. Qatar's maximum oil production capacity is 800,000.

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  • myballfield
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13 Nov 2014 11:50 #223182 by myballfield
Most of OPEC countries oil business is controled by either US or British, they dictate the world production stategies.

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