West wants Saudi Arabia not to neutralize oil release

By REUTERS
March 29, 2012 18:06

 
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LONDON - Oil consuming nations may seek reassurance from Saudi Arabia that it will not cut oil production and neutralize the impact on oil prices if consumer countries release emergency reserves, diplomats and industry sources said.

The issue may be raised by a US delegation, led by US Secretary of State Hillary Clinton, which is in Riyadh this weekend to discuss Syria with Gulf states. Clinton will see Saudi King Abdullah and Foreign Minister Saud al-Faisal.

"If they're going to release reserves they need an assurance from the Saudis that they won't offset it by cutting supply," said one industry source familiar with thinking in Washington.

"There's no doubt the measure needs the cooperation of Saudi Arabia," said a diplomat.

The United States, with Britain and France, is considering a release from emergency stockpiles to cut fuel costs. Other countries including South Korea and Japan may join the plan.

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