Saudis plan no oil cutback until OPEC settles pricing
Saudi Arabian Oil Minister Ahmad Zaki Yamani, here on a brief visit, said his country will maintain its current oil production level of 10.3 million barrels a day until OPEC member countries reach a base price for their traded crude oil. Oil reports earlier had speculated on a drop of about 500,000 barrels in Saudi Arabia's output, to 2 million barrels a day, to confront the emerging glut of OPEC crude.
Meanwhile in Bahrain, the OPEC oil exporters began intensive discussions on a new formula for fixing the world price of crude oil to the West's economic growth rate.
The Indonesian oil minister, Dr. Subroto, current president of OPEC, arrived in Kuwait on a tour of Gulf oil exporting states to discuss pro spects for carrying out the formula, Kuwaiti officials said.