September 14, 2004

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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.

Posted by Orrin Judd at September 14, 2004 4:10 PM
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