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Politics : Politics for Pros- moderated

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To: LindyBill who started this subject	5/10/2004 9:30:41 AM
From: LindyBill	Read Replies (2) of 793777

This should crack the price at the pump. Saudis Urge OPEC to Hike Oil Output RIYADH, Saudi Arabia - Saudi oil minister Ali Naimi urged OPEC (news - web sites) on Monday to raise its production ceiling by 1.5 million barrels a day when it meets on June 3. The announcement by OPEC's largest producer comes as U.S. prices have risen to nearly $40 a barrel and gasoline prices have been pushing higher with the peak summer driving season approaching. OPEC pumps about a third of the world's oil. "It is certain that the kingdom believes that increasing the OPEC production ceiling is essential to keep supply and demand balanced," Naimi said in a statement. He added the increase should "not be less that 1.5 million barrels a day." Naimi's statement represents a shift in Saudi oil policy. Only in March the kingdom was reportedly the chief advocate of a decision by the Organization of Petroleum Exporting Countries to cut production in anticipation of a lower demand for oil during the spring and summer.

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