Saudia-Online the Net Gate to Saudi Arabia Market Jeddah Home
Saudi Arabia Business News
Business Opportunities
Business Guide
Companies Directory
Corporate Websites
Currency Exchange
Saudi Arabia Events
Local News
Saudi Stocks
Monthly Economic Reports
Saudi Arabia Travel
Saudi Arabia Weather
Submit Press Release
Read Press Releases

Free Websites
 for Saudi companies and Establishment


for Foreign companies 
interested in exporting
to Saudi Arabia

Community Sign Up

Message Boards
Should women be in the army?

About Saudi Arabia
About us

Arabic cuisine
Arabic newspapers

Arabic radio and TV

Free downloads

Saudi Arabia ISP's

Science and Technology

Send us feedback


Traveling to Saudi Arabia

Phone Free

Top Saudi Arabia Business News


Saudi Arabia affirmed its commitment to the new production quota agreed by OPEC
Riyadh, Sept 01,2001

 A Saudi oil official yesterday affirmed the Kingdom’s commitment to the new production quota agreed by the Organization of Petroleum Exporting Countries to shore up prices. The new cuts in production, which will remove one million barrels a day from the market, come into effect today.
The official, who requested anonymity, told Arab News that the decision to lower OPEC output from 24.2 million bpd to 23.2 million bpd came at the right time. "The world depression and instability in demand levels necessitate controlling of oil supply in the international markets to protect the product from negative market effects.” The official warned OPEC members against exceeding production quotas, and added that such excess production — estimated at more than 500,000 bpd — will have a negative impact on prices. “It will also weaken the unanimous decisions taken by the organization,” he added.
The Saudi official refused to speculate about new proposals to be presented by the Kingdom at OPEC’s next meeting, scheduled for Sept. 26. The new production cuts will reduce the Kingdom’s oil supply to international companies by six to seven percent compared to August sales. Saudi Arabia’s oil supply to Japan and South Korea, on the other hand, will be cut by 19 percent against original contracts due to a 11 percent cut in supplies slapped by Riyadh on the two East Asian countries during August 2001. The supplies to European countries will be 30 to 35 percent less than the quantities previously agreed.

Source: © Arab News

Send Page To a Friend  

Starting Business with Saudi Arabia Use the Saudi Business Guide

Join the mailing list
Your Email Address:

Archives Section

Back to Business News


Free services in Saudia-Online
Free services

Free Websites for 
Saudi Arabia

Free services

Free Websites for Saudi companies and Establishment

Free services

Free Websites for
Saudi Arabia Travel
Agencies and Companies

Free services

Free Domain

Free services

List your Saudi
Arabia Company in
our Directory

Free services

Subscribe to our

Free services Jobs......
Post a job!

Job Openings

Free services

Advertise Free
Classifieds section. 

Free services

Gift Reminder

Free services


Get Stock Quote: Enter Symbol(s)

Symbol Lookup
My Portfolio
Our Privacy Vow 


Make Saudia-Online My Start Page  -  Bookmark Saudia-Online
Contact Us -  Advertising Info -  About Us -  Terms Of Service -  Add My Site -  Privacy Policy 

© 1999-2000-2001 by Horizon for Commercial Development Co., Ltd, All rights reserved.
  Saudia-Online,Malls2Save,JeddahMalls,RiyadhMalls,RiyadhShops,SaudiMade,Travel2Saudi and HDC are  trademarks of Horizon for Commercial Development Co. Ltd.  P.O. Box 14657, Jeddah 21434, Saudi Arabia
 Telephone 00966-2-6693585, Fax 00966-2-6693472

02 September, 2001 11:39:51 AM

Click Here!