Middle East Economic Survey


No 17


Saudi Slashes March Oil Production Despite Libya Chaos

Saudi Arabia cut March oil production by just over 800,000 b/d fearing that the market was oversupplied, even as Libyas descent into civil war dramatically reduced the latters crude exports. Although consumers have urged OPEC to hike exports as Brent surged above $120/B, Saudi Arabias Minister of Petroleum and Mineral Resources Ali Naimi said the cuts were made because the market was...