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Politics : Foreign Policy Discussion Thread
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To: Carolyn who wrote (180)12/1/2002 7:27:42 AM
From: lorne   of 15987
 
Saudis Move to Protect Oil Market Power, Washington Post Says
By Kristen Hallam

Washington, Nov. 30 (Bloomberg) -- Saudi Arabia is boosting oil production and building up its foreign exchange accounts to protect its economy as the U.S. prepares to attack Iraq, the Washington Post said, citing U.S. and Middle Eastern officials.

Saudi Arabia has increased its oil production by about 1 million barrels a day above the rate set by the Organization of the Petroleum Exporting Countries and has become the No. 1 foreign supplier of oil to the U.S., the paper reported. Only Saudi Arabia would have enough oil to calm markets if a U.S. strike against Iraq goes awry, the Post said.

The Saudi government also has assembled a foreign exchange war chest of as much as $100 billion to help its economy withstand a long period of low oil prices that may occur if Iraq's oil production rises following the removal of Iraqi President Saddam Hussein by U.S. forces, the paper said.

Taking such steps increases the Middle Eastern nation's leverage as U.S. officials are pressuring Saudi Arabia to cooperate more in the war on terrorism and to permit the use of Prince Sultan Air Base for the attack on Iraq, the Post reported, citing experts and analysts.
quote.bloomberg.com
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