Saudi Arabia, UAE to support increasing oil production

September 17, 2005 

Oil ministers from Saudi Arabia and the United Arab Emirates announced that both countries would support raising crude oil output quotas by the Organization of Petroleum Exporting Countries. The Saudi minister, Ali al-Naimi, said that rising prices were lowering world demand, and his nation 'absolutely' backs the increase, while Mohammed bin Dhaen al-Hamli from the UAE claimed that the markets could calm on the decision. 
Earlier, the OPEC cut their oil demand estimates for 2005, saying that it will rise by only 1.7%, compared to previous prediction of 1.9%. 
The organisation is to meet to discuss the possible increase on September 19. If the decision take place, the official limits will be the highest since 1987.
Saudi Arabia , UAE to support increasing oil production September 17 , 2005 Oil ministers from Saudi Arabia and the United Arab Emirates announced that both countries would support raising crude oil output quotas by the Organization of Petroleum Exporting Countries . The Saudi minister , Ali al - Naimi , said that rising prices were lowering world demand , and his nation ' absolutely ' backs the increase , while Mohammed bin Dhaen al - Hamli from the UAE claimed that the markets could calm on the decision . Earlier , the OPEC cut their oil demand estimates for 2005 , saying that it will rise by only 1.7 % , compared to previous prediction of 1.9 % . The organisation is to meet to discuss the possible increase on September 19 . If the decision take place , the official limits will be the highest since 1987 .
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