Saudi Arabia recommends oil price between $60-$75
Saudi Arabia announced that it is willing to keep oil output below its OPEC quota level of about 8 million barrels a day unless consumers want more.
Saudi oil minister, Ali al-Naimi, said:
When customers demand heavy oil which gives us less revenue and we offer them light crude, they say they don’t want it, so it stays in the ground.
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Mon, Mar 16, 2009
Post by Melissa Pistilli, Heavy Oil Senior Reporter