Minister: Saudi Arabia can increase oil production

[eleny]

Source: Associated press

By SEBASTIAN ABBOT – 5 hours ago

JIDDAH, Saudi Arabia (AP) — Saudi Arabia is willing to produce more oil if customers need it, the kingdom's oil minister said Sunday without citing any specific output increase.

Saudi Arabia, the world's largest oil exporter, has been under intense pressure from the U.S. and other oil consumers to increase its crude output to help slow the soaring price of oil.

The kingdom already announced modest increases and said it would pump 9.7 million barrels a day beginning in July. But those increases have not done much to stem the skyrocketing price of oil, which closed near $135 a barrel on Friday.

The high prices are affecting consumers and economies across the United States, Europe and much of the world. Many countries have experienced social unrest as rising fuel prices have driven significant increases in the cost of food and other basic goods.

Read more: http://ap.google.com/article/ALeqM5hXSgafSMJJNVDOrb5WF1H-T_kKngD91F8DA80

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Saw this on CNN just now and went looking for an article.

[meow2u3]

1. Increased Saudi oil production will do little to relieve exorbitant gas prices

as long as the Bush-Cheney Crime Family run this country. The criminals in charge of Wall Street and the White House are given free rein to rob the people blind, deaf, and homeless.

[eleny]

2. Gov. Richardson talked about it today saying the same

[Tutonic]

6. SEBASTIAN ABBOT is an IDIOT

There are no shortages that require more production. There is speculating and price manipulating but OPEC has repeatedly said that there supplies cannot meet the demand. PLEASE: Take five minutes to write to Mr. Idiots employers at the AP and ask that he be fired for printing lies.

[Irreverend IX]

3. I've heard from people in the know that a lot of their pumping operations are inefficient.

They have more money than God, but their culture, which is extremely conformist and penalizes any thinking outside the box, makes it hard for them to make changes that would improve the production of their wells.

[Tutonic]

7. I've been there and can assure you that the wells and

drilling equipment are state of the art purchased from US and British companies. In fact many of the supervisory staff are from the US. The problem is speculators and price manipulation.

[RUMMYisFROSTED]

4. Can they increase the value of the dollar?

[Spouting Horn]

8. Not as long as Bush keeps printing them to

fund enormous increases in Gov't expenditures.

[Bigmack]

5. Lot of folks over at the DU Environment/Energy...

forum think SA has already peaked, and all this talk of increased production is whistling in the graveyard. I leave it to them to tell you about it.

[louis-t]

9. Funny how when dumbas went over there

they said no, but UN SG goes over there and they agree to increase production.