Saudi Arabia has promised to rescue economic from shortage of oil

Saudi Arabia compensates any faults in deliveries of oil from Iraq and will not admit shortage of raw material in the world market. It to agency Associated Press was declared by the president of Saudi state oil company Saudi Aramco Abdalla Dzhuma (Abdallah Jum’ah).

As he said, Saudi Arabia is capable to support economic better, than any other country in oil-extracting branch as possesses the most significant stocks of oil and capacities for its extraction.
Up to the end of June the Saudi government promises to deliver on the market of 9,1 million barrels in day that makes about 10 percent of a world oil recovery. As have declared in Saudi Aramco, in case of need the company can increase manufacture up to 15 million barrels day.

On Monday of the price for oil have fallen up to minimal for last two months of a level. The American “easy” oil has fallen in price up to 36,86 dollars for barrel, oil of mark “брент” has fallen in the price up to 34,35 dollars for barrel, transfers agency Bloomberg.

Experts explain reduction of prices by renewal of deliveries from Iraq, interrupted as a result of diversions on June, 15th. After repair of pipelines export has been increased up to 1,68 million barrels of oil day. One more reason of falling of the prices became the termination of strike in Norway.

In the beginning of June the oil prices for the New York commodity exchange have reached a record level for all history of the future tenders in New York. “Easy” oil has risen in price up to 42,45 dollars for barrel. Next day summit ОПЕК on which results it has been declared increase in quotas took place in Beirut. The countries of cartel have promised immediately to increase an oil recovery on two million barrels day up to 25,5 million barrels. In August of a quota should grow for полмиллиона barrels, however preliminary ОПЕК will hold new meeting.

Real volumes of an oil recovery still exceed the established quotas, even considering their increase. According to experts, up to the end of June the total amount of the oil extracted by the countries OPEK, will increase up to 27,4 million barrels a day.

Russian version: Саудовская Аравия пообещала спасти мировую экономику от нехватки нефти

29 June 2004

Author: lenta.ru

Tags: economics,