Oil Slides To $45 Handle After Saudis Set To Increase Output To Record High: Qatar Warns OPEC “Do Something”
Following last night’s major build in gasoline inventories, the bullish exuberance in crude took another spill this morning as sources say Saudi Arabia is set to increase output yet again to a new record high. Furthermore, Qatar’s energy minister urged OPEC and NOPEC to “do something” warnings that another failed meeting would “cause more damage than good.”
Saudi Arabia was ‘quietly telling’ the market output could rise in Aug. to as high as 10.8m-10.9m b/d, Reuters reports, citing one unidentified person from outside OPEC familiar with the matter.
This post was published at Zero Hedge on Aug 17, 2016.