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UpstreamOnline: Saudi Arabia to open oil taps

By Upstream staff

Top oil exporter Saudi Arabia is set to pump at least 8.7 million barrels per day this month, and is likely to raise that to about 9 million bpd in November when Opec’s supply increase takes effect, an Opec source said today.

Last month Opec agreed to raise supply by 500,000 bpd from 1 November in an attempt to soothe consumer concerns over tight supplies and high prices.

Under the agreement, Riyadh has a supply target of 8.943 million bpd, a Reuters report said.

The Opec source was talking to the news agency on condition of anonymity.

17 October 2007 11:18 GMT  | last updated: 17 October 2007 11:20 GMT

http://www.upstreamonline.com/live/article142464.ece

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