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November 12, 2007

Saudis: No Oil Quotas for You!

The FT has the news, but the Saudis are saying no increase to oil production quotas in this weekend's meetings. That won't make people happy:

Saudi Arabia on Monday made clear Opec would not announce a production increase at this weekend’s Riyadh summit.

In an interview with the Financial Times, Ali Naimi, the Saudi oil minister, said “there will be absolutely no discussion” by heads of states or their oil ministers on short-term supply and demand at the organisation’s summit, which will concentrate on with longer-term strategies of producers.

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