NO. 36

11 JUNE 1990

Saudi Production Policy Remains Unchanged Despite July Price Cuts

When the news came through of the sharp cuts in the Saudi crude priceformulas for July last week (for details see page A3), one question wasobviously uppermost in the mind of the oil market, namely did this price movepresage an abandonment by Saudi Arabia of its commitment at OPEC's GenevaConference a month ago to cut output to the 5.38mn b/d quota level for theMay-July period?

The answer to this...