Decrease in oil prices after Bush - Abdullah talks
Saudi Arabia-Regional, Economics, 4/27/2005

Oil prices decreased in delayed dealings on Tuesday following the Saudi- American talks over means to keep the prices stable and the announcement made by Riyadh to that it will provide buyers with their needs of oil in addition to continuing technical sales operations.

Brent oil prices decreased in June contracts in the International Petrol Bourse in London to reach 54.05 for one barrel. The light crude American oil in delayed dealing receded by 40 cents to USD 54.17 for one barrel. The price of the American Benzene receded by 0.97 cents to 1.641 per one gallon .

This came after the American president succeeded during his talks on Monday with the Saudi crown prince Abdullah Ibn Abdul Aziz to get a plan from Saudi Arabia aiming at reducing oil prices through increasing production capacity to levels that might reach 15 million barrels daily if it is necessary.

Adel al-Jubeir, the advisor for the Saudi crown prince said that his country considers that international oil supplies are enough, but that Saudi Arabia is ready to increase supplies to meet buyers needs.

On the other hand, the petro Logistics consultancy establishment on monitoring the move of oil containers said on Tuesday that OPEC produced 30.4 million barrels a day in April at an increase of 700,000 barrels daily over the figures of March.

According to the establishment's preliminary estimates which takes London as a headquarters, OPEC production in April exceeded its levels in September and October 2004 when it recorded highest levels in 25 years when it increased production to 30.15 million barrels daily.

OPEC is studying world oil reserves in the second quarters prior to an expected increase in the demands later this year.

Previous Stories:
  Bush administration welcomes Saudi energy plan   (4/26/2005)
  Washington support for Saudi security plans   (4/26/2005)
  Saudi Arabia increases its oil production to 11 million barrels; oil surpasses $ 50É recedes   (9/29/2004)

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