Saudis to offset Libya oil decline

[Turborama]

Source: Al Jazeera English

Humberto Marquez |Last Modified: Feb 26 2011 14:22 GMT

Saudi Arabia has increased oil production to compensate for the fall in output from Libya, as the popular uprising against the regime of Muammar Gaddafi continues to grow in that North African country.

The increase of 700,000 barrels per day is occurring under the attentive gaze of the rest of the members of the Organisation of Petroleum Exporting Countries (OPEC) -- to which both Saudi Arabia and Libya belong -- but with no intervention from the cartel.

Saudi Arabia "is playing the role assigned by the global economy: being the number one guarantor of stability on the oil market," Elie Habalián, a former Venezuelan governor at OPEC and expert on Middle East issues, said.

The measure helped curb the escalation of prices. West Texas Intermediate (WTI), the US benchmark grade, sold for between 97.36 and 97.48 dollars a barrel in New York Friday, down from 103.41 dollars Thursday.

Read more: http://english.aljazeera.net/indepth/features/2011/02/2011226134942661640.html

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Well that's alight then. After all, they must do what they can to ensure America - and the rest of the world - doesn't hear the "wake up call" of tectonic proportions http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=496466&mesg_id=496466">Friedman and http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x519065">others have been writing about.

[Rosa Luxemburg]

1. What happened to our 'not relying on foreign oil?' Alternative energy?

[SkyDaddy7]

2. What about the fact the Saudi Arabi...

Is lying about their oil reserves! We are all heading off a cliff!