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Crude prices hit all time highs in May 2004. As threats of an oil induced global economic recession built up, Saudi Arabian Oil Minister, Ali Naimi, proposed to increase OPEC (Organisation of Petroleum Exporting Countries) production by 2 million barrels per day, in an effort to cool the over-heated oil markets. However, as most other members were already producing above their quota limits, it fell upon Saudi Arabia, in its capacity as a swing producer, to ease supply pressures. The Saudi''s, as controllers of a quarter of the world''s crude reserves have a direct say in crude prices. But, some economists argue, Saudi Arabia''s ability to swing prices might be dwindling. A structured assignment ''204-130-4'' is available to accompany this case.