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OPEC 'set to keep pumping oil' despite global glut

OPEC 'set to keep pumping oil' despite global glut
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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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