87 countries sign a charter to limit price fluctuations . Comment: Libya produces 1.6 million barrels of crude per day . But now the monarchy of Saudi Arabia , one of the United States ' strongest allies and an island of stability in an otherwise tempestuous region , faces an uncertain future . Saudi Arabia 's daily production is 8.4 million barrels .
87 countries sign a charter to limit price fluctuations . Comment: Libya produces 1.6 million barrels of crude per day . Saudi Arabia 's daily production is 8.4 million barrels .