January 3, 1994 |
Saudi Arabia Slashes Public Spending: Saudi Arabia, the world's largest exporter of crude oil, has announced it will cut public spending in 1994 to make up for losses in revenue caused by weakening crude prices. King Fahd projected government spending in 1994 at $42.6 billion, down from $52.5 billion set for 1993. "The world economic conditions and surplus oil supplies have affected prices and imports from our country, so the (oil) prices dropped," Fahd said.
September 28, 1993 |
OPEC Agrees to Production Cap: Saudi Arabia, the world's largest oil producer, came under pressure to freeze its crude oil production after ministers of the 12-nation Organization of Petroleum Exporting Countries said they will limit oil production to 24.5 million barrels a day over the next three months. The move, an attempt to drive up prices, will hold output to current levels as winter begins in Europe and North America.
February 15, 1992 |
OPEC got close to a deal Friday that would cut oil output for the spring, but Saudi Arabia backed out late in the afternoon, according to sources at the cartel's contentious meeting. The sources, who spoke on condition they not be named, said Saudi Oil Minister Hisham Nazir told other members of the Organization of Petroleum Exporting Countries that Saudi Arabia had a series of proposals for slashing oil output.
September 28, 1991 |
The impending return of Iraq and Kuwait to world oil markets has strained relations among OPEC members, prompting Saudi Arabia, the world's biggest oil exporter, reportedly threatening to leave the oil cartel. Saudi Arabia--OPEC's biggest producer--declared this week that the kingdom would produce 8.5 million barrels a day for the rest of the year, regardless of whether Iraq resumes exports.
May 10, 1991 |
The surge in oil production that Saudi Arabia embarked on to fill the gap left by Iraq and Kuwait could break the kingdom's decade-long deficit, pay off all war costs and leave Riyadh with surplus cash by 1994, independent economists say. The cash windfall could also translate into political clout, since Saudi Arabia is determined to boost its military power, which would cost tens of billions of dollars.
March 13, 1991 |
The Organization of Petroleum Exporting Countries reached agreement Tuesday to modestly restrain oil production, and world oil markets promptly drove up the price of oil by 69 cents a barrel. OPEC's majority, with Saudi Arabia showing the way, set a production ceiling of 22.3 million barrels a day for the three months beginning April 1.