Saudi Arabia Backs 16mn bid Market Share for OPEC

Saudi Arabia believes that the appropriate market share for OPEC is the current 16mn b/d OPEC production ceiling, and that if this ceiling and the member counties' individual quotas are strictly adhered to oil prices can be raised and stabilised "at the level agreed on by the responsible Ministers of Oil."

This position - attributed by the Saudi Information Minister to King Fahd himself - was announced in a Saudi...