Saudi to leave some oil finds for future

[katty]

more: http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=5523

Saudi to leave some oil finds for future
By Agencies on Sunday, April 13 , 2008


Saudi Arabia's King Abdullah said he had ordered some new oil discoveries left untapped to preserve oil wealth in the world's top exporter for future generations, the official Saudi Press Agency (SPA) reported.

"I keep no secret from you that when there were some new finds, I told them, 'no, leave it in the ground, with grace from god, our children need it'," King Abdullah said in remarks made late on Saturday.


US President George W Bush in January urged the Saudi King to help tame soaring prices by encouraging Opec to pump more oil. On separate trips to Saudi Arabia this year, the US Energy Secretary also asked for more oil, while the Vice-President discussed high prices with the king.


The kingdom has spent billions on building over 2 million bpd of spare crude capacity and is the only country in the world able to bring online large volumes of crude supply quickly to deal with unexpected supply shortages.

[Donnachaidh]

1. Watch the oil futures market go bananas over this one

The Saudis want the price of oil to hit 4.00 a gallon or better *before* they open up those untapped finds.

[katty]

2. yup, i expect $5/gal right before bush leaves WH-seeya suckers!

[4_TN_TITANS]

3. Not that the Saudis are examples in how to treat children

but it's fresh to hear a leader with an eye to future generations.

[bemildred]

4. Sure they are, plenty of oil left in the ground, we just don't want to find it yet. nt