OPEC expects a further drop in oil supply to 55.9 million bpd in 2017. REUTERS/Heinz-Peter Bader REUTERS/Heinz-Peter Bader
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Saudi Arabia will work with OPEC and non-OPEC members to help stabilize oil markets, it said Thursday a month ahead of an informal meeting of major producing countries in Algeria.Saudi Arabia, OPEC's largest oil producer, pledged during the last OPEC meeting in June that the kingdom would not flood the market with oil.The statement also said a July spike in Saudi oil output to a record 10.67 million barrels per day was due to summer demand and requests from customers.Some OPEC officials had said a revival of talks on a global oil production freeze could be discussed informally among OPEC and non-OPEC countries in Algeria if oil prices weakened.
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