Saudi sees no Opec switch from dollar
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LONDON, NOVEMBER 29: Opec will not consider switching from dollar-denominated oil sales despite the decline in the value of the US currency, the oil minister for the worldâs leading crude producer Saudi Arabia said.
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Appealing to Saudi Arabia to  encourage higher oil production to help lower prices is not in  the long-term interest of the United States, Republican  presidential candidate Fred Thompson said on Wednesday.
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Saudi Arabia has begun to reduce oil output ahead of this week&#39;s Opec meeting, industry officials said yesterday. The reduction, expected to continue over the coming months
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Top oil exporter Saudi Arabia vowed Sunday to guarantee world crude supplies and said it would hold 1.5-2.0 million barrels per day of spare production in reserve.
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LONDON - Despite a recent plunge in oil prices, Opec producers appear to be in no rush to cut output quotas and markets expect the taps to be left wide open when ministers meet in Cairo this week.
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Most OPEC oil ministers held the line on  Sunday that current output is sufficient to meet demand, but  the world&#39;s biggest exporter Saudi Arabia was silent ahead of a  September 11 meeting to chart production policy.
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Saudi Arabia and other Gulf Arab states back a token rise in OPEC oil output in a gesture to consumer nations worried by the economic impact of $76 oil and rapidly diminishing stocks, an OPEC source said on Monday.
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Oil dropped $1 on Monday as OPEC looked   set to keep pumping at high rates to ensure world consumers   were well-supplied despite a 20 percent fall in prices since   mid-July.
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Over the last year, Saudi Arabia has quietly endorsed a shift in strategy of pushing for oil prices higher than those of the last two decades.
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Top oil exporter Saudi Arabia said on  Friday it was too early to consider whether the OPEC producers'  cartel would cut official production limits when ministers meet  at the end of January.
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VIENNA : OPEC kingpin Saudi Arabia on Monday hinted the cartel would not raise either its official production rate or the price band at a ministerial meeting, as the oil price had stabilised.
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Saudi Arabia and other OPEC member states believe the group should cut oil output again to balance markets but others may be reluctant with crude prices firmly above $60, a senior OPEC delegate said on Saturday.
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OPEC said today that it would keep producing oil at current levels, a decision that would seem to set the scene for further declines in oil prices.
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Saudi Arabia Oil Minister Ali Naimi said today he&#39;s not concerned about a sharp further fall in the price of oil, saying prices remain relatively high.
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OPEC has no power over many of the factors buffeting oil markets and the group is worried by record high prices that are threatening the world economy and future demand growth, OPEC ministers said on Tuesday.
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Saudi Arabia does not object to OPEC raising the current price band when oil-producing nations meet Sept. 15 and is negotiating the level with other oil-rich Gulf countries, a Saudi oil official said Sunday.
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Leading OPEC producer Saudi Arabia said on Monday it had made a renewed effort to deflate record high world oil prices by upping crude output again.