VOL. XLIII

No. 28

10-July-2000

SAUDI ARABIA

Saudi Warning Of Further Export Hike Trims $2/B Off Crude Prices

Saudi Arabia surprised crude oil markets and fellow OPEC members on 3 July by declaring that if oil prices continued high for much longer, oil exports would be raised by a further 500,000 b/d. Evidence that the worlds largest oil producer is ready and willing to hike output, coupled with increasing US political focus on the issue of high gasoline prices, persuaded traders that crude prices...