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| Arabia |
| Saudi Arabia Boosts Oil Supply, May Pump More Later |
| 2008-06-23 |
| Saudi Arabia may raise its oil production beyond a planned 200,000 barrel-a-day increase in July if the oil market requires extra supply, Saudi Oil Minister Ali al-Naimi told consumers at a summit in Jeddah. Saudi Arabia's commitment to government and business leaders to pump 9.7 million barrels a day next month came after crude rose to a record $139.89 in New York on June 16. Saudi King Abdullah said at today's summit that his country, the world's biggest oil exporter, seeks ``reasonable'' prices. OPEC President Chakib Khelil said a Saudi boost is ``illogical'' because refiners don't need more crude. |
| Posted by:Fred |
| #5 Build coal fired electrical plants in western kansas where the people want the jobs. |
| Posted by: bman 2008-06-23 15:01 |
| #4 Indeed, scrap the options market or reform the margin system and that would clear out a lot of extra cost to the consumer. |
| Posted by: bigjim-ky 2008-06-23 12:40 |
| #3 Reminder: a large number of the 3700 Gulf of Mexico well heads are capped, and their product is listed as non-calculated (not in corporate reserves). When Clinton unleashed the Oil Options battle between NYMEX and the Chicago Mercantile Exchange, pundits said that oil vendors would follow that artificial market. It happened. Google "Arjun N. Murti" (Goldman Sachs) if you want to learn of NYMEX bubble effects. The influential Platt's monitoring service, which gets trader data, issues this statement today: "Global crude futures continued to move higher in European morning trading on Monday amid persistent Nigeria supply worries, shrugging off the outcome of the oil producer and consumer summit in Jeddah on Sunday, which saw Saudi Arabia pledge to increase production to 9.7 million b/d from 9.45 million b/d currently." Is the "futures" market determining oil vendor quotes? It shouldn't and that will become a political football this year. Things were better when Chicago had the "pork belly" commodities monopoly. We have an Oil Options market because we have one. Scrap it and real market forces will prevail. |
| Posted by: McZoid 2008-06-23 07:25 |
| #2 Offshore drilling already working. |
| Posted by: g(r)omgoru 2008-06-23 05:34 |
| #1 Offshore drilling already working. |
| Posted by: g(r)omgoru 2008-06-23 05:34 |