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Saudi
Oil prices are skyrocketing. Iran appears determined to develop its nuclear program, if not weapons. The Iraq war blazes on with no end in sight. Israelis and Palestinians haven't had meaningful peace talks in years. In the middle of this chaos sits Saudi Arabia, the world's largest oil producer. Prince Turki al-Faisal, Saudi Arabia's ambassador to the United States, discussed these and other issues last week with USA TODAY editors and reporters. His comments were edited for length and clarity.Question: With oil prices reaching record highs, what is your sense of today's supply and demand? Answer: There are enough supplies today to meet world demand. In fact, there is an excess supply. For the last two or three years, we've been trying to sell some of our oil on the market, without any customers. When OPEC (Organization of Petroleum Exporting Countries) met a couple weeks ago, they said that not only were supplies available, but also all inventories in all countries are at their highest levels ever. These factors should be bringing down the price of oil. But the issue of security, and the political dimension not just in our part of the world, but in places like Nigeria, and your differences with Venezuela add $15 to $20 to the price of a barrel. The political dimension, really, has overtaken the economic and business dimensions. Much more at link, not just about oil. Posted by: Chinter Flarong9283 2006-05-10 |
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