VOL. XLI

No. 01

5-January-1998

SAUDI ARABIA

Saudi Arabia Will Not Produce More Than The Market Needs

Amid a welter of falling crude oil prices as the year 1997 drew to a close - with DatedBrent dropping below $16/B and WTI eroding to $17.60/B - Saudi Arabia has given noticethat it has no intention of producing more than the market needs in the coming months.

In this connection, a "senior Gulf official" was quoted byReuters on31 December as affirming that Saudi Arabia would not pump extra oil...