bush* Questions Saudi Ability to Raise Oil Supply

[Extend a Hand]

http://www.theoildrum.com/node/3514

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Last night, on ABC's Nightline, Terry Moran interviewed President Bush in Riyadh, Saudi Arabia, during his trip to the Middle East. When discussing what President Bush might say to the King of Saudi Arabia to lower oil prices, George Bush said:

If they don't have a lot of additional oil to put on the market, it is hard to ask somebody to do something they may not be able to do.

If Saudi Arabia doesn't have a much additional oil to put on the market, the veracity of what Saudi Arabia has been saying about extra capacity is brought into question. More importantly, it starts raising questions about Saudi Arabia's true long-term oil production capability. Can Saudi Arabia really ramp up oil production in the future? Are the high reserves posted by Saudi Arabia and other Middle-Eastern countries really indicative of high future production capability?

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