Saudis Signal Support for OPEC Cut

**Donger** · 10-19-2006, 10:19 AM

http://hosted.ap.org/dynamic/stories...10-19-09-53-09

DOHA, Qatar (AP) -- Saudi Arabia's oil minister said Thursday that his country supports OPEC's proposed 1 million barrels-a-day production cut.

"We will try to make the market balanced," Ali Naimi said, ending two weeks of silence from the world's largest oil producing nation and giving a quick jolt to oil prices.

Naimi's statement came as the cartel's oil ministers gathered in the capital of Qatar for emergency talks on cutting output after a price decline of more than 25 percent since mid-July.

Light sweet crude for November delivery rose 70 cents to $58.35 a barrel in electronic trading on the New York Mercantile Exchange.

10-19-2006, 10:19 AM	Topic Starter
Donger "Think BOOM!" Join Date: Nov 2003 Location: 33.675° N 106.475° W Casino cash: $10279900 VARSITY	Saudis Signal Support for OPEC Cut http://hosted.ap.org/dynamic/stories...10-19-09-53-09 DOHA, Qatar (AP) -- Saudi Arabia's oil minister said Thursday that his country supports OPEC's proposed 1 million barrels-a-day production cut. "We will try to make the market balanced," Ali Naimi said, ending two weeks of silence from the world's largest oil producing nation and giving a quick jolt to oil prices. Naimi's statement came as the cartel's oil ministers gathered in the capital of Qatar for emergency talks on cutting output after a price decline of more than 25 percent since mid-July. Light sweet crude for November delivery rose 70 cents to $58.35 a barrel in electronic trading on the New York Mercantile Exchange.
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