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It said it was sticking to its cost and output targets for 2012.
Plans for new shafts and smelters were hastily scrapped and forward output targets were reduced.
But at a meeting of the cartel last month in Vienna, the Saudis argued against changing Opec output targets.
Middle East oil remains cheaper to produce, while cost overruns here could limit the ability to meet output targets.
As such, it will shortly be providing a raft of output targets against which it wishes to measure its managers.
In the past, the Saudis have encouraged Opec (Organisation of the Petroleum Exporting Countries) to reduce its output targets during periods of low oil prices.
Similar(12)
The gold mining group cut its output target following a series of problems at its Tongon mine in Ivory Coast.
Between them they are producing almost 1m b/d more than OPEC's July output target.
For instance, whereas an output target might be the number of police officers, an outcome target is a reduction in crime.
The 12 mainly Middle Eastern Opec members meet at the end of next month to discuss adjusting the output target of 30m barrels a day.
Whereas an output target might be the number of police officers, an outcome target is a reduction in crime.
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