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CGES: Saudis cut output to lift crude price

10/22/2007
Saudi Arabia has been limiting production to raise oil prices while blaming the effects on speculation and US refining problems, a London think-tank says.“Saudi Arabia has been hugely successful in its attempt to raise oil prices,” reports the Centre for Global Energy Studies (CGES) in its September-October Market Watch. “For the kingdom to claim that high oil prices are largely due to speculation or refining problems is disingenuous.”In the first quarter of 2006, the group estimates, Saudi Arabia produced more than 9.5 million b/d of crude, above the quota assigned it by the Organization of Petroleum Exporting Countries. The OPEC basket crude price at the time was...
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