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OPEC 'set to keep pumping oil' despite global glut


OPEC 'set to keep pumping oil' despite global glut


OPEC is determined to keep pumping oil despite the financial consequences on the policy’s main architect Saudi Arabia, according to Reuters.

The news agency quotes an official from a major OPEC producer as saying there’ll be no change unless non-OPEC countries help out: a comment taken to mean Russia in particular.

Some members of the Organisation of Petroleum Exporting Countries reportedly fear oil prices may slump further towards $20 (18.9 euros) a barrel.

As the world continues to produce much more oil than it needs, a much-awaited announcement from OPEC is due next week.

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