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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

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