Tags: saudis | ignore | opec | cuts

Saudis Say They'll Ignore OPEC Cuts

Wednesday, 10 Sep 2008 04:26 PM

Hours after suffering a rare setback at OPEC headquarters, where the cartel said its members needed to lower production to keep prices from sinking below $100 a barrel, Saudi officials assured world markets on Wednesday that they would ignore the decision and continue to pump as much oil as needed.

The marathon late-night session here illustrated the new pressures and power politics at play in the group that controls 40 percent of world oil production — and how ineffective the cartel can be.

Read the full story here: Saudis Vow to Ignore OPEC Decision to Cut Production

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Hours after suffering a rare setback at OPEC headquarters, where the cartel said its members needed to lower production to keep prices from sinking below $100 a barrel, Saudi officials assured world markets on Wednesday that they would ignore the decision and continue to...
saudis,ignore,opec,cuts
96
2008-26-10
Wednesday, 10 Sep 2008 04:26 PM
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