Oil up nearly 11 percent on Saudi supply cuts

[Haole Girl]

Source: Reuters

NEW YORK (Reuters) - Oil prices jumped nearly 11 percent on Tuesday on signs Saudi Arabia had made substantial cuts in its crude exports and as global financial markets rallied.

Saudi Arabia has reduced exports after OPEC agreed last month to lower output, according to trade sources, with some estimating the world's top exporter had cut shipments by around 900,000 barrels per day from a peak in August.

U.S. crude rose $6.97 at $70.88 a barrel by 1:31 p.m. EST. London Brent crude was up $6.51 at $66.99 a barrel.

Crude prices have plummeted from a record above $147 a barrel in July as the global credit crisis has hit the wider economy, dampening fuel demand in major consumer nations, including the United States.

Read more: http://www.portfolio.com/news-markets/national-news/reuters/2008/11/04/oil-up-nearly-11-percent-on-saudi-supply-cuts

---

That didn't take long, did it? Sigh.

[Newsjock]

1. The House of Saud will punish America for doing the right thing

And we must stand up to them and deny them their power over us.

[Haole Girl]

3. Honestly, I'd love to send them back to the Stone Age

with energy independence!

[saigon68]

13. They lowered them so the pukes would win the election

Unfortunately wall street melted down----which spoiled their conspiracy

[Haole Girl]

14. Same thing happened in 2004

But the sheeple didn't seem to notice it was temporary.

[Ghost Dog]

12. Not at all. We need oil at the current price or higher

to encourage thrift and the development of alternatives, and, yes, to stretch out what's left for where oil-derived products have no feasible alternative.

Energy-efficiency, wind/solar/hydro/ocean etc. and INDUSTRIAL HEMP now! :hi:

[tridim]

2. Geez, they can't even wait to raise the price until tomorrow?

Greedy fucking bastards.

[Haole Girl]

4. My thoughts, exactly!! (nt)

[damntexdem]

5. Sure glad I filled up the other day at $1.92 per gallon.

But I'll just have to buy more gas in the future, won't I?

[Jackpine Radical]

7. Yeah. You saved yourself a couple of bucks.

Now you can retire early.

[Kalifornia.Kid]

10. $2.41 in Concord, CA down $1.50 from summer prices

Profits, profits, profits for the oily bastards.

[krumpli]

6. The bastards! Just so we wouldn't get a break during a recession.

Fuckers. I hate that fucking country. I want them to go bankrupt.
And with Obama 's energy plan we will be closer to that point.

[peacetalksforall]

8. So, Cheney and Bushs' friends , the House of Saud, complied with

their Cheney-Bush's request to make things better for McCain.

Does he House of Saud stay friends with Cheney-Nush or do they allow 'negotiations with the new White House RATHER THAN 'deals' between 'buddies'?

Enough of conniving. Please let other oil people get is straightened out.

Core question - do Iraqis get their oil or not?

[Haole Girl]

11. As for whether the Iraqis get their oil or not...

I wonder. I've heard rumors, from a wife of a contractor over in Iraq, that they are building a "secret" pipeline. Who knows what really goes on over there. It would answer a lot of questions about what kind of interest we have in staying there, wouldn't it?

[AlphaCentauri]

15. Back in may they had a request to increase production

Saturday, May 17th 2008, 4:00 AM

Saudi Arabia, the world's largest oil exporter, will increase crude production next month in response to rising demand from its customers and a request by President Bush to ease the strain of record prices.

The country will raise output by 300,000 barrels a day, or 3.3%, to 9.45 million barrels a day, Saudi Oil Minister Ali al-Naimi said in Riyadh, following a meeting between Bush and Saudi Arabia's King Abdullah.


http://www.nydailynews.com/news/us_world/2008/05/17/2008-05-17_saudi_arabia_to_increase_oil_production.html

good old friends working for a common cause, election day

[MyOwnPeace]

9. Price up???

But wait, didn't "W" and "Dick" say they were our "friends" and "allies?"

Surely they wouldn't do that to us, would they????

(There are times I wish I was a "BOMB-THEM-ALL" kind'a guy............)

[antimatter98]

16. Bush is no longer in power so we have to take Saudi's on now..

might be painful but enough of the Saudi 'love fest' with the Bush dynasty.

[WVRICK13]

17. I call Bullshit

No, oil is rising because lots of people have already voted. They lowered the prices to make people forget the pain at the pumps of the past year. Americans have a serious memory problem.

[kimmerspixelated]

18. DING!DING!DING!

Welcome to DU!

[Hawkowl]

19. Won't stick in a recession

The oil prices are going to continue to fall. The price was way up due to speculation. Unregulated speculation which has now been remedied with the new law. I'm expecting a $50 price by early spring.

[WVRICK13]

20. I Disagree

Recession has nothing to do with the greed of Big Oil. If the prices drop it will be because President Obama won't allow it. I love saying that. PRESIDENT OBAMA, PRESIDENT OBAMA, PRESIDENT OBAMA, PRESIDENT OBAMA. Whew, that was good for me.

[Hawkowl]

21. I hope so.....nt

[MAXtheMEX]

22. I am new in Posting (So I need a little help )

I agree the recession has nothing to do with Big Oil. So someone give me an idea about Energy Independence. My background is Engineering and Environmental Systems Engineering. Everyone speaks about it. I have to walk my talk. No buzz words just facts. Someone tell me what we are doing and how that will work.

[Haole Girl]

23. First of all, welcome to DU!

Here is a link for you (click at the bottom): http://my.barackobama.com/page/community/post/caitlinharvey/gGBxhk

[happyslug]

24. Read the Hirsch Report and go to ASPO.COM and the Oil-drum for a start

And you will find that "Energy Independence" has been a political Slogan for almost 40 years but no politician is willing to do what is needed to actually do it for it would be unpopular at best.

The Hirsch Report (Wikipedia article on the report):
http://en.wikipedia.org/wiki/Hirsch_report

The actual report:
http://www.hilltoplancers.org/stories/hirsch0502.pdf

Association for the Study of Peak Oil and Gas (ASPO):
http://www.peakoil.net/

The oil drum:
http://www.theoildrum.com/

A more pessimistic view is here:
http://www.peakoil.com/

For facts (but no analysis) go to Energy Information Agency (EIA:
http://www.eia.doe.gov/