1 September 2004
Saudi Arabia
AFTER ITS conversion to a more expansive production strategy in May—when oil prices exceeded $40/b—Riyadh is pumping as much crude as it can in order to keep markets from overheating. On 11 August, the oil minister, Ali al-Naimi, said the kingdom can 'immediately' release an extra 1.3m b/d to calm anxious oil markets. Even ahead of the latest Opec quota increases, which came into force on 1 August, the Saudi authorities were striving hard to keep markets sated. June output was just over 9m b/d, some 1.4m b/d over Saudi Arabia's quota and a full 0.5m b/d rise on the previous month's figure. The new quotas, which grant the kingdom a ceiling of 8.45m b/d, will continue to be stretched, with mos
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