U.S. Lauds Saudi Help In OPEC Boost
The Clinton administration responded cautiously on September 10th to OPEC’s 800,000 b/d boost in output, but singled out its closest Gulf ally, Saudi Arabia, for convincing others within the oil cartel to raise production by more than just 500,000 b/d.
In a television interview following the OPEC announcement, White House Chief of Staff John Podesta said that: “`I think we've got to digest what they've done today. We're going to digest that, see what the market does and what it does, really, to stocks.”
The White House official added that: “We're short on oil. We've been pushing for increased production. I think this is a substantial increase, led by Saudi Arabia ... But we're going to have to take a hard look and see whether it's enough, really, to bring [prices] back ... down to historic levels.''
U.S. Energy Secretary Bill Richardson also commented on the latest OPEC move, saying that: “Whether such an increase will stabilize the market remains to be seen. Nonetheless, this expected production increase will bring needed additional oil into world markets.” U.S. President Clinton also expressed his pleasure at OPEC’s output decision.
Saudi Crown Prince Abdullah bin Abdul-Aziz had reportedly told Clinton in a meeting on September 6th that Saudi Arabia would push for at least a 700,000 b/d increase in OPEC barrels at the September 10th gathering.
( oilnavigator )
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