Energy Prospectus

Subject: Bloomberg news: Saudi Arabia Says Oil Production Cut Not to Boost Price


Saudi Arabia denied what it said
were suggestions that it cut oil production in December to push
crude prices higher and accused unidentified media of
misinterpreting the kingdom’s response to weaker demand.
http://bloom.bg/W3yzRm

Saudi Arabia reduced output in December by 4.9 percent to 9.025 million barrels a day, the lowest level in 19 months, a Gulf official with knowledge of the country’s energy policy said last week. The kingdom is the largest member of the Organization of Petroleum Exporting Countries and the only one with significant unused capacity to produce more.