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OIL MARKETS * Saudi Arabia - To boost oil production
Riyadh,Saudi Arabia -The Detroit News (USA) -June 16, 2008: -- Saudi Arabia plans to increase its oil production by 200,000 barrels a day next month, the kingdom's oil minister told U.N. chief Ban Ki-moon on Sunday, according to Farhan Haq Ban's spokesman... By July, production should be at 9.7 million barrels a day, Haq said... Ban also said Saudi Arabia understands that the current price of oil, which topped $139 per barrel earlier this month, is not normal... The 200,000-barrel-a-day boost is not insignificant -- it will raise Saudi Arabia's daily production by about 2 percent. But to a market that has been sending oil prices soaring to record heights due in part to strong global demand, the move might be seen as marginal... The oil market largely ignored Saudi Arabia's 300,000-barrel-a-day output increase last month... In electronic trading on the New York Mercantile Exchange late Sunday, crude oil futures were down 54 cents at $134.32 a barrel... The current president of the Organization of Petroleum Exporting Countries, Chakib Khelil, has said that the cartel will make no new decision on production levels until its Sept. 9 meeting in Vienna... OPEC ministers often follow the lead of the Saudis when discussing whether to increase production to take the pressure off rising prices...
Labels: oil markets
posted by Unknown @ 12:33 PM
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