Saudi backs Opec ceiling hike
Reuters, Norway
Saudi Arabia's powerful oil minister said on Saturday he supported a 500,000 barrel per day rise in Opec's output ceiling and that current prices above $50 a barrel were "too high" and should be brought down. "Raising the ceiling seems reasonable," Oil Minister Ali al-Naimi said. "I support the process of raising the ceiling by 500,000 barrels per day, yes," he told a news conference during a visit to Norway. Opec ministers will meet on June 15 in Vienna to discuss output policy for the second half of 2005. The group is expected to consider raising its production limits to help ease prices.
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