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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: NOW who wrote (7346)	6/1/2004 1:55:12 PM
From: mishedlo	Respond to of 116555

Saudi Arabia not under US pressure to raise output - Saudi minister Tuesday, June 1, 2004 5:03:47 PM BEIRUT (AFX) - Saudi Oil Minister Ali al-Naimi said his country was not under US pressure to raise oil production and that OPEC would do its best to "make the fundamentals right." "OPEC will do its best to make the fundamentals right," Naimi told reporters upon his arrival at the venue for tomorrow's OPEC conference He strongly denied the kingdom was under pressure from the US to increase its production further. "Frankly no," he said, answering a question to that effect He said Saudi Arabia's recent production hikes were based on "market needs" and not US pressure. World oil prices soared today as fears of disruption to supplies from Saudi Arabia intensified after an attack on foreign workers in the oil-rich kingdom, while efforts by OPEC producers to calm the market fell on deaf ears Crude oil futures in New York hit an all-time high, topping 42 usd, in the first trades since the weekend attacks in Saudi Arabia Saudi Arabia has an OPEC quota of 7.6 mln barrels per day (bpd), but it announced last month it will boost production to 9 mln bpd from June 1 to calm prices Naimi has said Saudi Arabia has the capacity to raise its oil output further to 10.5 mln bpd. The other oil producers are already pumping out at full or near full capacity. fxstreet.com =========================================================== Looks like Saudi is trying to reduce the heat by saying this is not just for the US. At any rate, with everyone at capacity, any disater will send crude spiking up $7-$10 quickly Mish