Saudi Arabia Unable to Cushion Oil Market

(Maariv International) Oil industry and global economic sources say Saudi Arabia may have no spare capacity left to increase oil production and bring about a drop in oil prices. Prices have risen to above $53 a barrel, an all time record. Saudi Arabia is currently producing 9.5 million barrels per day (bpd), well in excess of its allowed 8.45 million bpd OPEC quota. Since August, Saudi Petroleum and Mineral Resources Minister Ali al-Naimi has been saying his country would bring all of its spare production on line, yet not one extra barrel has flowed out of the Saudi deserts.

2004-10-14 00:00:00

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