oilproduction

Saudi Energy Minister, Khalid Al-Falih, has declared to do whatever it is necessary to cut crude output to be extended through all 2017. The organization of petroleum exporting countries (OPEC), whose Saudi Arabia is the leader member, has declared on the first half of this year to cut crude output by 1.8 million barrel per day, but foreign investitures do not agree. Anyway OPEC is confident it will be possible achieving an agreement by the second half of this year. It is expected it will grow the request of oil in the next 25 years, specially from countries such as Vietnam and Philippines, which are considered in the future in the top 20 global economies. The Energy Minister has also declared he trusts in the future oil project, it will see the involvement of ARMCO Industries and the Malaysia ones, which are going to realize a new project. This will meet the increasing demand of oil in the market.