CNN: Saudis ready to hike oil output

[UpInArms]

http://edition.cnn.com/2004/BUSINESS/10/10/oil.prices.reut/

ABU DHABI (Reuters) -- Top oil exporter Saudi Arabia vowed on Sunday to maintain spare oil production capacity of 1.5 to 2 million barrels per day and said it was prepared to hike output to meet customer demand.

"We plan to maintain spare capacity of 1.5-2.0 million barrels a day for the foreseeable future," Oil Minister Ali al-Naimi said.

"There is no shortage of oil and there will be no shortage of oil and we are willing to meet demand as it rises."

"We are pumping around 9.5 million bpd now and if our customers want more crude it's available," the minister said.

Oil prices held near record highs on Friday even though oil unions in OPEC member Nigeria said a two-day wildcat strike would pass without any impact on exports.

...more...

Bandar Bush attempts to manipulate the news?

[Flubadubya]

1. Right on time...

Just like Butt Boy Bandar promised. :puke:

[saigon68]

4. Butt Boy Bandar-- Nice democracy in Saudi

Watched the CHIMPANZEE touting the Blessings of "DEMOCRACY" in Afghan--- What a joke.

Like we are going to bring democracy to Butt Boy Bandar and his 9-11 high-jacker friends

Ya right.

[0007]

10. I'm astonished that nary a word or a hint of this fiasco was brought up

in the debate Friday night.

The White House Saudis have beheaded America.

[hadrons]

2. every month we get this story ....

and so what if the Saudis hike their output; their extra capacity is sulfur-filled shit that no-one really wants

[NNN0LHI]

9. Its like the guy with a bag of ditch weed sitting in his sock drawer

When things dry up he pulls it out to try and get rid of it.

Don

[0007]

11. Excellent analogy, Don!

[NNN0LHI]

12. Hey. Everybody's got one

:D

[bowens43]

3. Remember this?

White House, Saudis: No election deal on oil
Kerry rips report of election-related deal

Monday, April 19, 2004 Posted: 10:35 PM EDT (0235 GMT)

WASHINGTON (CNN) -- The White House and a top Saudi official denied Monday a report of a deal to lower gasoline prices before the November presidential election.

http://www.cnn.com/2004/ALLPOLITICS/04/19/bush.oil/

[tom_paine]

5. Gas prices will continue to remain stable no matter how the price per bbl

rises.

At least for another two months.

Bastards. Corrupt, right-out-in-the-open, bastards.

[Crachet2004]

6. Its too late...prices need to go down at the pump for people to credit...

any of this-and it is too late for that. But the Texas refineries may have been hoarding, and may attempt to flood the market with gasoline about a week before the election.

[arcos]

7. It doesn't matter...

OPEC lost control over oil prices a few weeks ago, and will probably never regain it.

[MatrixEscape]

8. China and Asia?

They can incrase output and try to bring down prices, but the demand in Asia, particularly China, is just going to increase based on the bargain prices.

It appears that China may also be stockpiling reserves.

Looks like a potential no-win and that demand could still outstrip the extra supply.

Meanwhile, the price of everything is going to go up as the lag catches up to retail goods.

[saigon68]

14. CHINA HAS BILLIONS OF WAL-MART $$$$$$$$$$$$

And no place to spend them.

They aleady produce all the low priced crap, anyone would ever want to buy.

[MatrixEscape]

15. You bet ...

Does anybody check the back of the package on the things they buy these days?

Next time you think of it, check and see how many items now say, "Made in China".

[saigon68]

17. Almost everything at Wally Mart

Red China's Retail Outlet

[napi21]

26. It's not only WM! It's everywhere.

My BIN and his family were stationed in Japan a few years ago. I spent days hunting for Christmas gifts for them THAT WEREN'T MADE in that region of the world. It just seemed so stupid to me to buy them something that was made there and send it right back!

Things haven't improved. I have a very nice pair of Ralph Lauren slacks that were $129.00, and the damn tag inside says "made in Hong Cong".

[Deja Q]

22. Well, it's the US's fault for offshoring so many industries to them!

Corporate america wants it both ways: Cheap labor yet all the oil to themselves. :eyes:

[Toots]

13. Hey for three more weeks they can pull out all the stops

Come November third though if Bush* gets back in guess what. Oil men will start making billions again....What area of the industry does the Bush* Administration come out of again????

[jmcgowanjm]

16. Here's the problem. BAU means $3 gas, just for starters

Bankruptcies go thru the roof.
Debt is disappeared.
An credit created is spent on fuel/metals/food.
Deflation of everything else.
And when people find out their pensions
aren't there...

Recession then Depression

http://www.martinweiss.com/Articles/Article.asp?ArticleID=2401

And I bet GM starts laying off at least 10k
in November.

[mbperrin]

18. Joke, right? Look at this story and the DATE and then tell me

that they can actually do it!

OPEC considers oil production hike

Tuesday, January 7, 2003 Posted: 11:58 AM EST (1658 GMT)

OPEC is expected to hike output by up to 2 million barrels a day to halt the recent surge in crude prices that has raised costs for businesses and is threatening to slow global economic growth.<snip>

"There is a plan being circulated now to increase production by between 1.5-2 million barrels per day," a senior OPEC delegate from a key producer told Reuters in Dubai.<snip>

OPEC has pledged to raise supplies if prices stay above the top end of its $22-$28 price band for 20 working days. The extra oil will come as long as prices don't fall sharply in the next 10 days.<more>


SO:
Nearly two years ago, they were going to raise production because prices were so HIGH at $22-28? Ask a friend who works there (I have). They're pumping so much salt water from those wells now that any more serious overpumping will completely ruin the field.

[Zynx]

19. They can't. They don't have it.

I thought that was apparent after the last few months after they maxed out and oil output is not significantly higher. Besides, we have no more refining capacity to use.

[Sinnerman]

20. I Knew they would do This

Just in time before Nov. 2, I am not buying it. These freaken wackos will do and say anything to get re-elected or should I say re-appointed.

[Deja Q]

21. The Saudis truly hate the US

They know of peak oil, just as * and Cheney do.

The sooner it happens means the sooner the US economic collapse, amongst other things.

[54anickel]

23. Lip service to calm the markets. But IMHO this has nothing to do with

helping the Chimp stay in office any longer. I think it's a lot bigger than that. Chimp screwed up with his war and has put the global economy at risk. If prices go much higher, economies will stall, demand will drop and along with it the price for oil, not to mention a world wide recession/depression. Shrub has pissed off the big money that runs the country and the street. He's out of favor and out of the picture as far as they are concerned. If he does win a second term, which I doubt, he'll be fed to the wolves by his masters. Whether that takes place as the Nixon or Kennedy removal would be anybody's guess.
Like I said, JMHO. :tinfoilhat:

[jmcgowanjm]

24. Sometime before/during Turkeyday, Americans will have a WTF?! moment

Just go here and read the 1st 5 headlines
to get an idea.

http://lefti.blogspot.com/

And none of them mention oil.

[takumi]

25. Saudi oil the wrong kind of crude

http://www.dailytimes.com.pk/default.asp?page=story_3-10-2004_pg5_25

Sunday October 10, 2004

LONDON: The world’s oil refiners are unimpressed by Saudi Arabia’s boost to production capacity that would only swell supplies of sour, high sulphur crude while they hanker for sweet oil.

US oil prices still hovered near $50 on Wednesday, testimony to the indifference to Riyadh’s pledge to hoist official production capacity by 500,000 barrels per day (bpd) to 11 million bpd.

“Most refiners couldn’t take more sour if they tried,” said one refiner, who asked not to be named. “We have a glut of sour crude and a short supply squeeze on low sulphur crude oil and products, so extra Saudi makes no difference whatsoever,” a physical oil trader said.

Riyadh’s new increment, together with capacity expansions in Kuwait and Iran will add some 900,000 bpd of new sour crude capacity by year’s end.

EDITED BY ADMIN: COPYRIGHT

[Moderator]

27. takumi

Per DU copyright rules
please post only four
paragraphs from the
copyrighted news source.

Thank you.


DU Moderator

[ikojo]

28. Just as Bandar Bush promised

his boy!

WOW! If this happened under CLINTON'S watch you know the pugs would be calling for an investigation on foreign governmental influence on the American election (recall the Bhuddist Temple "scandal" of last election).

[bamacrat]

29. convenient

isnt it oil production goes up, prices go down people are happy bushco steals election number 2. PNAC goes into full effect the end of the "rational" world as we know it. and well be chanting "long live the republik.