Stockpiling could backfire, Saudis warn oil customers

Saudi Arabia warned there will be further oil price increases if the consuming countries carry on with their policy of stockpiling crude. Quoting Information Minister Muhammad Abdo Yamani, the daily newspaper Al-Bilad said Saudi Arabia was "sorry that the consuming states, particularly the industrialized nations, should continue the policy of stockpiling crude which will lead to further increases in oil prices." Mr. Yamani said his country "will continue its moderate policy and stands in the Organization of Petroleum Exporting Coun tries."

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