2004 Press Release

Saudi Ambassador says oil production will increase
[Washington, DC] -- Ambassador to the United States Prince Bandar bin Sultan today issued the following statement with regard to oil production:

“Saudi Arabia will encourage OPEC to increase its production ceiling by more than 2 million barrels per day.  We have determined, after reviewing updated projections for oil supply and demand, that this increase in oil production is necessary to maintain stability in the market and growth in the world economy.

“Saudi Arabia has already communicated to its customers that it will produce approximately 9.0 million barrels per day starting in June 2004.  However, we will continue to examine the data as it becomes available to determine the supply that would bring prices within OPEC’s target price range which is $22-28 per barrel. 

“Saudi Arabia has been and will continue to be a strong and reliable energy partner, and we are working to bring prices down for consumers.”