Saudi Arabia holds line on cartel oil output strategy

OPEC power Saudi Arabia was tight-lipped yesterday on cartel output strategy amid a chorus of opposition to any relaxation in tough output curbs.

OPEC ministers meet on September 19 in Japan to chart oil output policy for the fourth quarter at a time when prices are near their highest levels this year on concerns over a potential US-Iraq conflict.

"Talk at the time being about what decisions OPEC will take at its upcoming meeting is premature," Saudi Oil Minister Ali al-Naimi said in a statement carried by the official Saudi Press Agency (SPA).