SAUDI ARABIA ACTS TO CURB OIL PRODUCTION

MEES understands that Saudi Arabia is taking significant steps to curb its oil production in August before the two-month OPEC cutback agreement comes into force on 1 September.

Under that agreement (MEES, 11 August) the OPEC member states, with the exception of Iraq, have committed themselves to restrain production for the months of September and October within the limits of their former OPEC quotas. In the case of Saudi Arabia, the quota amounts to...