No. 16



Saudi Arabia Publicly Backs OPEC Price-Range Mechanism

Saudi Arabia has said that it fully supports the price-range mechanism agreed on by OPEC oil ministers during their last meeting in Vienna at the end of March (MEES, 3 April). Under the scheme, member states, after notification by the OPEC president, can automatically adjust output up or down by 500,000 b/d if the price of crude moves outside the $22-$28/B OPEC basket band for 20 trading days. At the end...