Academic journal article The Middle East Journal

Chronology: Petroleum Affairs

Academic journal article The Middle East Journal

Chronology: Petroleum Affairs

Article excerpt

See also, Iraq

May 4: oil prices soared, nearing $40 per barrel. The price hike was the result of concerns in the market about security and a disruption of the oil world oil supply. [WSJ, 5/5]

May 10: Saudi Arabia urged OPEC to boost its petroleum output quota by at least 1.5 million barrels per day after prices reached $40 per barrel on May 7. [NYT, 5/11]

May 17: Industry analysts said Saudi Arabia's pledge to increase production would have little immediate effect on world oil prices because Saudi Arabia produces primarily heavy crude oil, used mostly for heating and not for automobile fuel. Furthermore, increased production would not reach the US until after the peak summer driving months. [FT, 5/18]

June 3: The Saudi Arabian oil minister, 'AIi al-Naimi, announced that Saudi Arabia and the UAE would boost their joint oil production by 1.1 million barrels per day to raise OPEC output for the month of June to about 27 million barrels per day. [FT, 6/4]

OPEC agreed to increase its production quota by two million barrels per day in July, with another half million barrels added to the ceiling in August. …

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