Saudis Pledge 800,000 Barrels Per Day of New Oil

[UpInArms]

http://www.ecommercetimes.com/story/36594.html

Saudi Arabia sought to regain some control of oil markets Tuesday, promising to make available 800,000 barrels a day of new oil by the end of the month and to keep pumping crude vigorously.

Saudi officials also said they might support a move to raise the official oil output target of the Organization of Petroleum Exporting Countries when the cartel meets Wednesday in Vienna. Such a move would not likely result in more oil, but would signal that the cartel is uncomfortable with today's prices of more than $40 a barrel.

Saudi officials, who asked not to be named, added that they opposed a move to raise OPEC's target price of $25 a barrel for a basket of crude-oil types.

The push by OPEC's largest producer to calm markets comes amid supply constraints and rising demand that have left the cartel with virtually no spare oil- producing capacity, thus minimizing the Saudi's ability to sway markets and making oil prices vulnerable to sudden moves this year. That is in sharp contrast to the last several years, when under Saudi leadership, OPEC was able to keep the price of oil at just under $30 a barrel.

...more...

Bandar Bush to the rescue!

[swag]

1. Bandar's promise, a day late and a dollar short,

but he kept his terrorism-financing promise to BushCo.

[Kelli372]

2. Just in time for the election!

These people just totally piss me off! How fucking transparent is this? (pardon my francais)

[ewagner]

3. And what

will they get in return?

[hatrack]

4. Sure, Bandar - boost your production by not quite 10% in two weeks

With Ghawar sucking lots of water and global demand rising relentlessly, maybe after that you can produce a golden sovereign from behind my left ear, or pull a bouquet of flowers out of your ass.

Can't wait.

[saigon68]

12. Corrupt leaders

In bed with the Bush Criminals

[hadrons]

5. isn't this the 3rd time he's said this ???

[Catfight]

6. Blood money. We don't want it. n/t

[NNN0LHI]

7. Why we buying oil from terrorists anyway?

Anyone got an answer?

Don

[louis-t]

8. Saudis Pledge 800,000 Barrels Per Day of New Oil

if we don't further investigate their complicity with 9/11 terrorists.

[legin]

9. Depends if they are actually going to do it or not

If I actually had no intention of pumping more oil because i liked the price it was at and perhaps wanted it to go higher perhaps what I wouldn't say in public was "We like the price where it is. We have no intention of pumping more oil. You don't like that then basically F**k you."

Because that might stir up a reaction against me, think how sentiments like that would go down at FreeRepublic. The smart thing to do is look all concerned at the price, and look like you are asiduously trying to up production when really you are not.

Possibly if there is a 'Supertanker Rental' service one needs to see if the Saudis book at extra 10 supertankers, they have got to get this extra oil to the consumers after all.

[mbperrin]

10. Been saying this for two years now....

the problem is they can't do it! (But they can keep talking about it, can't they?)

[VirginiaDem]

11. actually Saudi Arabia likes

the price of oil in the moderate range. This has been a sticking point between them and Iran for years: The Iranians want the price high and get mad at the Saudis for working to keep it moderately priced. They view it as helping the enemy. It comes down to reserves--the Saudis are sitting on billions of barrels in reserve. The Iranians don't have nearly as much oil for the future as the Saudis. The Saudis' biggest nightmare are very high prices because those are the times when buyers start looking for alternatives--pumping your own, or, god forbid, alternative energy sources. Even though the world hasn't made much progress toward it the Saudis know that it can and will happen eventually--they want to make sure that eventually is a long time from now. The last thing the Saudis want is to be sitting on billions of barrels of oil that have been made obsolete. The Iranians, on the other hand, don't face the nightmare of sitting on billions of barrels of relatively worthless oil. They'll burn through their supplies long before that happens so they can safely get the money now.
Edited for grammar.

[rocktivity]

13. Well, duh

Gotta get those gas prices down before the election!

:headbang:
rocknation