Relief as Saudi Arabia reduces oil pressure Opec members are urged to follow breakaway move Ashley Seager in New York Monday May 24, 2004 The Guardian The Group of Eight leading industrial countries reacted with relief yesterday to an announcement by Saudi Arabia that it would sharply raise oil production in an effort to put the lid on booming prices. G8 finance ministers had had oil at the top of their agenda after prices last week hit a record high of close to $42 a barrel, something that could threaten to strangle the world economic recovery. "We very much welcome...
