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Saudi leads Opec oil rush, resists quota increase (Stuff.co.nz, 15 September 2004)

Opec is keeping its foot to the pedal on oil production in a bid to push crude prices back below $US40 ($NZ62) a barrel.

Risking a counter-seasonal fourth quarter build in stocks, Saudi Arabia will pump at a higher rate of 9.5 million barrels a day in October, Saudi Oil Minister Ali al-Naimi said yesterday.

With others in the Organisation of the Petroleum Exporting Countries at full capacity, the Saudi commitment means Opec is set to keep pumping some two million barrels a day above its official 26-million-bpd limit.

Opec Iraq, which has no quota, is pumping about another two million bpd putting total cartel supply at 30 million bpd for the first time since 1979.