Saudis Flood Market to Press OPEC on Curbs
Saudi Arabia is keeping its oil output high two weeks ahead of a crucial Nov. 21 OPEC meeting in a bid to force the cartel into accepting a binding agreement to curb production, Persian Gulf oil industry sources said Monday.
But they said Riyadh simply wants to keep pressure on other OPEC members, not to push prices sharply lower.
“Saudi Arabia is not after a price collapse, they want to keep the pressure on OPEC,” one analyst said.
The Saudis’ recent policy of exceeding the quota assigned them by the 13-nation Organization of Petroleum Exporting Countries has helped force prices to two-year lows in the past two months.
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