Saudi Oil Output Up 2 Million Barrels a Day as Promised
Saudi Arabia has increased its oil production by 2 million barrels a day, fulfilling a pledge to offset shortages caused by the worldwide embargo against Iraqi and Kuwaiti oil, Riyadh Radio said Sunday.
“A well-informed Saudi source said Sunday that Saudi Arabia has raised its oil production to 7.4 million barrels a day, effective Friday,” the radio reported. Saudi Arabia’s previous OPEC-decreed quota was 5.4 million barrels a day.
The unnamed source said that the United Arab Emirates also increased its production by 500,000 barrels per day and Venezuela by 300,000 barrels a day, the radio reported.
The announcement followed an emergency meeting of the Organization of Petroleum Exporting Countries in Vienna last week to increase the production ceiling.
OPEC’s decision was prompted by the international embargo imposed against shipments of Iraqi and Kuwaiti oil.
Saudi Oil Minister Hisham Nazir said last month that his country would boost its daily production by 2 million barrels a day with or without OPEC’s approval.
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