28.10.2011 - Saudi opposition to Iran fades on $100 oil goal: Energy Markets
Saudi Arabia's biggest cut in oil output in three years is a sign OPEC's largest producer is finding common cause with its long-time rival Iran. The kingdom reduced supply by 400,000 barrels a day, or about 4 percent, last month, Oil Minister Ali al-Naimi said Oct. 8, reversing increases that it started in April, when declining Libyan exports sent North Sea Brent to a 2 1/2-year high. Crude prices have fallen 14 percent since then as the North African nation revived production and the International Energy Agency lowered its forecast for global demand...............................................Full Article: Source
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