P.M. Briefing : Saudis Deny Violating OPEC Ceiling
Saudi Arabia accused market manipulators today of putting downward pressure on world oil prices and denied that it was violating an OPEC export ceiling.
“We could not find an explanation to what is being repeated by the media that put the kingdom of Saudi Arabia on the list of violators of OPEC quotas despite the fact that the kingdom has denied the charge time and again,” the state-run Saudi Press Agency quoted an official as saying.
“The only explanation that seems logical in such cases is that there are hidden hands that deliberately spread this information to manipulate the markets and put downward pressure on prices,” the official said.
U.S. oil sources told United Press International last week that Saudi production rose to nearly 4.9 million barrels a day in April. Unless the Saudis are storing substantial amounts in tanks, the figure could mean the Saudis are violating an Organization of Petroleum Exporting Countries’ export ceiling of 4.52 million barrels a day.
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