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Oil Prices Slip After Saudi Assurance (Reuters, 4/26/05)

OPEC's acting Secretary General Adnan Shihab-Eldin said that oil prices much above $50 will start to hurt world economic growth.

The comments followed assurances from Saudi Arabia on Monday that it would provide buyers with all the crude they need, serving as a cue for traders to take profits after a week of gains and a price rise of nearly $5.

Adel al-Jubeir, foreign affairs adviser to Saudi Arabia's Crown Prince Abdullah, said after a meeting between President Bush and Abdullah in Texas that world oil supplies were adequate, but the kingdom was willing to provide as much crude oil as buyers wanted.

The kingdom is producing slightly over 9.5 million bpd, with between 1.3 million and 1.4 million bpd in spare production capacity that could quickly be tapped, Jubeir said.