Saudis confirm oil step-up to cover war shortages
Jiddah, Saudi Arabia
Saudi Arabia confirmed it has raised oil output to make up for shortages caused by the war between Iraq and Iran. Oil Minister Ahmad Zaki Yamani said the kingdom produced 10 million barrels of oil a day in October and, "depending on circumstances, we can go up or down," says the newspaper Arab News.
Industry sources said Saudi Arabia, Kuwait, the United Arab Emirates, and QaTar will provide an extra 1.5 million barrels of crude to countries most affected by the shortage of Iranian and Iraqi crude. The extra oil will most likely be shipped to Japan, France, Brazil, Greece, India, Morocco, Turkey, and Yugoslavia.