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Saudi Arabia keeps oil output up despite lower prices

It is less concerned about prices and more concerned about delivering fuel to its growing economy
Tuesday, June 2, 2015 - 05:50

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Saudis' demand for petrol, diesel and jet fuel has grown 60 per cent since 2005, converting the kingdom to a net importer of transportation fuel from an exporter.

Houston

THE international cartel of oil producers has long followed the same basic strategy. When the market was soft, the group slashed production to raise prices.

But Saudi Arabia, the heavyweight of Opec (Organization of the Petroleum Exporting Countries), has a new agenda. It

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