Posted on 01/18/2007 6:27:15 PM PST by jdm
Bush to bash Saudis over oil price (April, 05)
"Saudi Arabia would double its investment in energy to $US50 billion over the next five years, raising pumping capacity to 12.5 million barrels a day by 2009."
Except that people who really follow this market, it isn't news. This is long existing, previously published news. It just is getting picked up now by the drive-by media.
Saudi Arabia has made the biggest cuts in their production out of all of OPEC. And they have pledged to do more starting in February.
OPEC Monthly Oil Market Report
Late 2005 and early 2006 they were pumping over 9.4 MMBPD, by November they had cut back to 8.75 MMBPD.
Good point.
Well, thanks to Congress, you'll never hear about increasing the amount of oil production in the US.
bump
If you are interested, OPEC released their Jan Monthly Oil Market Report today. OPEC held their cuts in production through Dec as well as Nov. Saudi Arabia slightly reduced their production in Dec.
http://www.opec.org/home/Monthly%20Oil%20Market%20Reports/2007/mr012007.htm
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