An extra million b/d now is a declaration of intent to OPEC

Issue 9 - 09 Oct 1979
OPEC's price hawks are on the wing and the spot market is bullish. Saudi Arabia is trying desperately to hold the ring and dampen price pressure by maintaining its higher production ceiling for another quarter. But if the market continues to run against it, then Saudi strategy is paving the way for a very angry OPEC conference in December - and perhaps another OPEC split.

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