| DrudgeReportArchives.com | ||
| Today's DrudgeReport.com Drudge's Special Reports | Recent Headlines Popular Headlines Time Line | |
 Support The DrudgeReport; Visit Our Advertisers  Saudi Arabia to propose 2.0-mln bpd OPEC increase: minister Fri May 21 2004 11:22:41 ET Saudi Arabia will propose an increase in the OPEC production ceiling of more than 2.0 million barrels per day, Saudi Arabian Oil Minister Ali al-Naimi said in a statement on Friday. Saudi Arabia had already allocated about 9.0 million barrels per day to its customers from June, he said before an informal meeting of OPEC ministers here on Saturday. He said Riyadh had proposed the increase "out of concern for market stability, supply continuity and the growth of the world economy -- especially for developing countries, which stand to be more adversely affected by the sudden and excessive oil price increase". A Saudi Arabian source, speaking on condition of anonymity, added: "If there is a need for more oil we are capable -- and will supply it." Qatari Energy Minister Abdullah Bin Hamad Al-Attiyah had already said on Friday that his country would support the Saudi proposals to raise OPEC production, which were initially thought to entail an increase in the production ceiling by only 1.5 million barrels of oil per day. Ministers from the cartel meeting here are under mounting pressure from oil consuming nations to take action to ease soaring crude prices, which they fear could wreck the gobal economic recovery. Developing... |
|
The Drudge Report does not own, operate or maintain DrudgeReportArchives.com and is not responsible for it in any way.
Drudge Report : E-mail: drudge@drudgereport.com Matt Drudge's Book: Drudge Manifisto Matt Drudge on social media: Twitter (occasionally) Matt Drudge music: Playlist Home | DMCA | Link Decay General Support: |
