Saudi Arabia Feb. 21 denied press reports it had cut its oil production to reduce the world oil glut. The official Saudi Press Agency said its oil output remained unchanged at 8.5 million barrels daily.
Oil industry sources said Feb. 19the Saudis had let their production fall to between 7 million and 7.5 million barrels daily this month. Recession and fuel conservation have slashed OPEC output by a third. Nine of the 13 cartel members are running budget deficits.