Tuesday, December 22, 2009

KSA "took nothing" for keeping prices stable in 90s

They took nothing except the extra revenue from increased oil sales!  KSA had to cover not only Iraq's reduced output, but they had to cover Kuwait's lost output as well, until Kuwait recovered from the war by 1994.

'Saudi Arabia, the biggest producer in OPEC, increased output to meet demand as Iraq’s supplies fell after it invaded Kuwait in 1990. Iraq’s reintegration into the quota system “will take some give-and-take eventually,” Saudi Oil Minister Ali al-Naimi said today in Luanda.

Saudi Arabia “took nothing” when it boosted output in the 1990s, al-Naimi said. “We ensured the market was well-supplied. If it were not for Saudi Arabia the market would have been in very bad straits.” '

1 comment :

Anonymous said...

Hi Iraqi Mojo,

I am studying your blog posts. Very interesting.


The Mesopotamian