P. M. BRIEFING : Saudis Deny Increasing Oil Exports
Saudi Arabia, the world’s largest oil exporter, today denied that it has increased its output to stem the surge in world oil prices and urged all producers to cooperate to prevent a price collapse.
“There is absolutely no basis for reports by news agencies that the kingdom of Saudi Arabia is exceeding its quota” of 4.52 million barrels a day, assigned by the Organization of Petroleum Exporting Countries, Saudi Oil Minister Hisham Nazer said in a statement.
Nazer also urged other producers “not to exploit” the favorable situation in the world market by “achieving temporary gains at the expense of their long-term interests.”
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