Saudi Arabia says production cuts already being implemented

Saudi Arabian Oil Minister Ali al-Nuaimi said an OPEC (news - web sites) cut in production of one million barrels due to take effect was already being implemented.

"It's been implemented already," Nuaimi said Monday upon arriving in Vienna for a meeting Wednesday of the 11-nation Organization of Petroleum Exporting Countries.

He said that for a cut to be "effective April 1" it had to involve orders previously made. "The nominations (orders) came in March," Nuaimi said.

Despite high oil prices, he said: "There's plenty of oil out there."

Oil traders have said, however, that while Saudi Arabia is already cutting down on production deliveries, other OPEC members have been slow to follow suit.

http://news.yahoo.com/news?tmpl=story&cid=1519&u=/afp/20040329/bs_afp/opec_energy_oil_saudi_040329202156&printer=1

Are the Saudis screwing over Bush? I'm wondering. Prior to 9-11 they were really ticked at him over Israel/Palestine.

Something about how he could tell them to "let the oil flow"?

Funny how he's not called on that now.