US: More oil from Saudi Arabia (seems Bandar is keeping his promise)

[Goldmund]

AMSTERDAM (CNN) - Saudi Arabia has agreed to increase its oil output starting next month by 28 percent and is "prepared" to increase output to its capacity of 10.5 million barrels per day, U.S. Energy Secretary Spencer Abraham said Sunday after meeting with the Saudi oil minister.

Abraham said the Saudis will boost their production from nearly 7.1 million barrels per day to 9.1 million.

Abraham said Oil Minister Ali al-Naimi agreed to the increase as OPEC ministers were meeting here to discuss rising oil prices and renewed calls from the United States to increase production.

"I had a very constructive meeting today with the Minister Naimi, who indicated to me, consistent with public statements that had been made by other leaders in his government over the last couple of days, that Saudi Arabia is fulfilling all genuine requests for the month of June for a total of 9.1 million barrels a day," Abraham told reporters.


More: http://money.cnn.com/2004/05/23/news/international/spen...

[Ironpost]

1. actually

the money the big oil has raked in since dick&w hit the door they could just give us all the fuel we wanted now til the election. they'd steel be way ahead. despots

[CulturalNomad]

2. Like loyal lap dogs - the Saudis pay their protection dues....

[displacedtexan]

3. How does Spence explain this? Saudi bid to boost oil output fails

Saudi bid to boost oil output fails
By Oil Production/Price Report on OPEC
May 23, 2004, 16:11

OPEC ministers have failed to support a proposal by Saudi Arabia on raising oil output to reduce surging prices, with the cartel putting off a decision until its next official meeting in June.

Saudi Arabia was responding to the worries of governments and consumers about surging oil prices with its proposal to raise output but its move did not win immediate support from other OPEC countries.

Flexing its muscles as the world's biggest oil producer, the kingdom proposed to boost OPEC production by more than 2.0 million barrels a day, provoking a mixed reaction from within the cartel.

The ministers from the Organisation of Petroleum Exporting Countries (OPEC) were meeting in Amsterdam on Saturday for an informal meeting in the sidelines of a world energy summit amid mounting calls for urgent action to bring down oil prices.


more...
http://www.axisoflogic.com/artman/publish/article_8014....

[leQ]

4. note the increased prices at the pump when the price of crude goes up

and now that crude is coming down, we're not to expect any immediate benefit "because it takes 6-8 weeks before that trickles down"

makes me sick. they get you immediately when the cost goes up, but they delay passing on the benefit when the cost goes down.

only repukes can demand to have it both ways.

[0007]

7. Just like going to the doctor's office

One can wait forever to be seen. But they want their money NOW!!

[jmcgowanjm]

5. CLM-$40.90 @ 9:34 Central -Saudis can't deliver

[meti57b]

6. Thanks, dubya, in return, I'll help you pack your stuff up next January!

You can never have too much help on moving out day.

[cliss]

11. heh, good one.

I'll help him with Moving Day too. I'll even pay my own way to Washington.

Cute kitty, fun post.

[ze_dscherman]

8. No Sign of Saudi Chartering Spree to Move Extra Oil

LONDON (Reuters) - Top oil exporter Saudi Arabia and its major customers have so far shown little sign of preparing to ship extra oil in June which Riyadh has pledged to calm runaway oil prices, brokers and analysts said on Monday.

Saudi Arabia's Oil Minister Ali al-Naimi confirmed at the weekend that Riyadh would unilaterally raise output to 9.1 million barrels per day (bpd) in June to meet expected demand. That would lift Saudi production by 10 percent from an estimated 8.3 million bpd in April.

Despite the promise, shipping brokers and analysts report no unusual chartering activity by the oil giant in June, and key freight prices from the Gulf are relatively uninspiring a sign that global oil companies are not hiring more ships to move the extra oil. Freight prices have been rising steadily over May on the back of acknowledged OPEC output leakage, but nothing to suggest major export swings.

"At the end of the day it's what is on the water and moving that counts -- not rhetoric. So far Saudi chartering has been insignificant, but there is still time for it to happen just about," one source with a leading ship broking firm said of June bookings.

http://www.reuters.com/newsArticle.jhtml?type=reutersEd...

[bullimiami]

9. Bandar Bush

The only one who gets to smoke in "Bars" house.

Connect

the

dots

[lanparty]

10. Presidential Bone-Head

In a way, this will disspoint the President. You see, he is draining the treasury with all his oil purchases at RECORD PRICES.

If they were smart, they would work a side deal whereby a surplus of oil would be purchased at reduced prices and go STRAIGHT into the US strategic oil reserve.

[hunter]

12. I'll bet it is a paper promise...

Paper oil for paper dollars for paper profits... OPEC has figured out how the Bush administration works. Nothing is real and all the numbers are fuzzy.

[louis-t]

13. Why did fat Spence Abraham (no relation)

wait until crude got to $40 a barrel to decide to do something?