Saudi Arabia is unlikely to boost oil production quickly to ease the rise of crude prices, because it needs high prices for its own increased spending, analysts at an international banking think tank said Tuesday.
After producing 8.6 million barrels a day in 2010, the world's leading oil supplier will only kick up production to about 8.9 million barrels this year, said analysts at the Washington-based Institute of International Finance.
They said Riyadh needs the higher prices to offset its sharp increase in spending, an effort aimed in part at assuaging Saudis amid a surge in public unrest across the Middle East and North Africa.
No comments:
Post a Comment