Organization of the Petroleum Exporting Countries (OPEC) has said it will not decrease crude oil production when it holds a meeting in June. According to the Saudi Al-Hayat newspaper, based on anonymous members of OPEC, due to the expectations that oil demand in China and India will increase, Saudi Arabia, which produces 10.3 million barrels of crude per day, will not be decreasing its production in order to be able to cover the increasing demand. The member said that unless there is cooperation regarding global crude oil policies, Saudi Arabia will not sacrifice its own benefits and the crude oil export market for the sake of others. Oil prices decreased from $115 per barrel last June to $45 per barrel in mid-January. The current crude oil price per barrel is around $61. While energy-dependent countries enjoyed the low prices, manufacturers lost half of their profit. In its last meeting OPEC decided to keep output steady to keep their market share, which pushed prices down. Any statement from Saudi Arabia, the biggest oil manufacturer, is crucial in defining the price level.
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