Oil withdrawals from Saudi Arabia in August

In a statement, the delegate of the Organization of the Petroleum Exporting Countries (OPEC) said that his country's policy is to work to meet the needs of its customers and at the same time the time to respect the agreement between the cartel and other non-member countries to limit the pumping of crude to stabilize the market.

Although the international oil price is balanced in the third quarter, the text points out, there will still be substantial inventory reductions against vigorous demand and seasonal factors in the second half of the year.

He also added that fears that Saudi Arabia and OPEC are facing

"Stable and balanced markets are the ideal market for producers and consumers," adding that 39; "a surplus market rejects potential investments in the oil industry, limits future supply and contributes to"

OPEC and other major exporters have set themselves up; 39, agreement in June to increase the production of the current month.

For its part, Saudi Arabia has promised a measurable increase to specify the numbers

The parties involved in the agreement have badured that they would increase the supply up to one hundred percent of compliance with the previously planned pump cuts, after months of declining production more than expected.

increase of about a million barrels of oil a day in fuel extractions.

ocs / tdd