Saudi Arabia to increase oil production

[Zorra]

Riyadh-Astana. October 27. KAZINFORM. Saudi Arabia is ready to increase oil production if necessary, announced Al Sauda Adel ad-Djubeir, Advisor of Saudi Prince Abdalla ibn Abdel Aziz. “Now we can additionally increase oil supplies by 1.5 million barrels per day.” Meantime, according to him, Saudi Arabia has received no requests of extra oil supplies by now.
It is worth noting that soon the price of a barrel of oil may reach USD 80. Acting Secretary General Maizar Rakhman made these predictions yesterday. He, however, did not state the precise date when oil price will actually reach this mark.
Increase of oil production by the OPEC countries could reduce demand on the market and beat down the price. Not all the countries, however, are willing to do that. Such member countries as Saudi Arabia, UAE and Kuwait are able to increase the volume of oil export. The rest countries are operating according to their capacities and apparently will not be able to make their own contribution into the moneybox of OPEC member countries.
According to the yesterday bidding in London and New York oil prices were seen to raise. Thus, one barrel of oil of Light Sweet Crude mark amounted to USD 55.17. The price of Brent oil amounted to USD 51. 56.

http://www.inform.kz/showarticle.php?lang=eng&id=98684

Saudi Arabia, Kuwait, UAE. Interesting timing.

[AIJ Alom]

1. Interesting timing alright !

The friends of Bush try to come to his rescue yet again.

[maddezmom]

2. guess they decided to keep their promise to * after all

and just in the nick of time, too. :eyes:

[aquart]

5. Waaaay too late. What's up with them?

If this was doable, why didn't they do it sooner?

[West Coast Democrat]

3. What took you so long, Prince Bandhar?!!

You did make a promise!

[montanacowboy]

4. Bandar Bush right on time with his promise

I am going to puke

[hatrack]

6. Whatever - we've all heard this song before

And since they're "increasing production", that would explain OPEC urging the US to start using the SPR. Uh-huh.

[cliss]

10. I noticed that, too.

I'm just a little suspicious of this little "friendly gesture". I'm going to look this gift horse in the mouth.

First of all, I've read on http://www.fromthewilderness.com/ that Saudi Arabia really doesn't know how much oil they have. Plus, capacity is at its peak right now. I don't see how they can increase production by 1.5 million bbl per day.

(twirls thumbs) OK, I'm waiting.

[htuttle]

7. Still promising an extra 1.5 mil barrels a day -- still delivers nothing

Nobody wants that foul-smelling sulfurous crude you have there, Bandar!

[NickB79]

12. Exactly, all they have is the sh*t left over no one wants

The world demand for sweet crude (low-sulfer, easily refined to gasoline) is skyrocketting, but all Saudi Arabia has to offer is high-sulfer sludge that is currently too difficult to "crack" in the refineries. They are trying to play on the ignorance the general public has about oil production, thinking all oil is alike.

[Tempest]

8. But wait a minute

OPEC this morning told Bush the U.S. had to release oil from the reserve in order to meet demand.

Someone is lying.

[Massacure]

9. Wolf, Wolf! Wolf, Wolf!

They have been saying this for three months now.

[maddezmom]

11. and current headlines at DU....show it's helping the DOW

[Deja Q]

13. It only hastens our collapse while making themselves look innocent...

Michael Moore can rant all he wants about Saudi stock in our economy.

But if the Saudis remove their money, we're toast and the US would respond negatively.

Surely ramping up oil collection will hasten our demise, with them being effectively innocent because they're doing what we're asking?

[Sara Beverley]

14. Well, isn't that what Prince Bahndir promised Bush?

All the criminals are closing ranks to help Bush.

[The_Casual_Observer]

15. This "promise" is intended to drop the price by mere suggestion

They are trying to trigger a collapse without actually doing anything.
Too bad it would at least a week or two to show up at the pump. And anyway, the price hasn't peaked at the pump from the run up yet.