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To: Bucky Katt who wrote (20332)	5/21/2004 4:29:47 PM
From: Bucky Katt	Read Replies (1) \| Respond to of 48461

Saudi to the rescue>> Saudi Arabia, the world's largest oil exporter, said it will boost production by about 8 percent and proposed a higher quota for the Organization of Petroleum Exporting Countries to help lower near-record prices. Crude oil fell 2.4 percent in New York. Saudi Arabia will increase output to 9 million barrels a day next month, oil minister Ali al-Naimi said in a statement given to reporters in Amsterdam. The country pumped 8.35 million a day in April, according to Bloomberg estimates. ``Concern for market stability, supply continuity and the growth of the world economy'' prompted the move, al-Naimi said. He proposed that OPEC boost its quota by 2 million barrels a day from 23.5 million, less than two weeks after suggesting an increase of 1.5 million. Crude oil futures in New York have risen 25 percent this year, peaking at a record $41.85 a barrel on Monday. World demand is growing the most since 1988, driving up prices for gasoline and jet fuel and making oil an issue in the U.S. presidential campaign. The U.S., the world's largest energy market, may face fuel shortages this summer, some traders said. OPEC oil ministers are gathering in Amsterdam for informal talks during a three-day energy forum that starts tomorrow. Qatari Energy Minister Abdullah Bin Hamad Al-Attiyah said OPEC will probably hold off on making an official decision on quotas until it's next formal meeting, in Beirut on June 3. Saudi Arabia is prepared to keep boosting production, even beyond 9 million barrels a day, to satisfy demand, said Adel al- Jubeir, foreign policy adviser to the Saudi leader, Crown Prince Abdullah.