Saudis to Ramp Up Oil Production, Reports Say

Saudis to Ramp Up Oil Production, Reports Say

www.foxnews.com

RIYADH, Saudi Arabia — Saudi Arabia's oil minister on Sunday will address reports that the world's largest oil-producing country is set to raise production by about 500,000 barrels per day, his adviser said.

The increase would bring Saudi Arabia's oil production to 10 million barrels a day, the country's highest ever, according to reports by The New York Times and the Middle East Economic Survey, an industry publication.

Adviser Ibrahim al-Muhanna told The Associated Press on Saturday that he could not confirm the reports, but added: "Minister Ali al-Naimi will clarify this tomorrow."

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Not that it will change anything but still news. The fact is the weak dollar will still keep the prices nice and high. We will just have more high priced oil on the market.

www.foxnews.com
(visit the link for the full news article)

[edit on 14-6-2008 by mybigunit]

reply to post by mybigunit


That's how this scam is working..nothing more than another 'get rich' scheme for the saudi's...and we all know who their current bed-fellows are don't we...

Why oh why did they not do this before there was an oil 'problem'?

money, of course.

Let the markets panic, then whack out a load of your product for a really fast profit.

reply to post by Extralien


do you actually have any sort of understanding why the oil prices are so high? apparantly not by your post.

there is plenty of oil on the markets - in fact there has never been so much - so why high prices? blame those who `play` the stock amrkets and futures markets - they are the ones bringing the prices up so they can make there billions and retire at the age of 30.

the last time the saudi`s tried to manipulate the market they tried to drag prices downward.

so blame the US market players - they are the root cause of the problem.

It will be interesting to see if they can actually make it happen. I seem to remember them saying they were going to increase production a couple times and it never materialized. Kinda like Bernanke's tough talk on inflation, might just be a lot of hot air.

Nevertheless, I agree that more oil just means more worthless Dollars gravitating to it. Sooner or later OPEC will have to face the fact that as long as oil is priced in Dollars, they will be forced to swallow our Inflation. More Production on their part only allows us to send them more of our Inflation.

This situation will only fan the flames in the Middle East as the Arabs look to find Security without the US so that they can depeg from the Dollar. Once that happens hyperinflation will begin.

does anyone really give a crap what happens with the oil/gas.. Really think about it..

I dont care if they said they found 100 gazillion barrels of oil.. You really think that would change us getting raped at the pump..

Really this should be in the funny section anymore.

[edit on 6/14/2008 by ThichHeaded]

I see this as administration arm twistin of the Saudi's trying a lame, transparent attempt to bring down gas prices so the GOP won't look like the bad guys in the Nov. elections.

Look for the price of gas to drop and the GOP to take credit for it.
This is just smoke and mirrors, politics as usual and means nothing.

Its all about the dollars. They ramp up production over the weekend and what happens oil goes straight up....The illusion is over wake up sheeple supply and demand have nothing to do with it.....