Saudi King: 'We will pump more oil'

[w¡n9Nµ7 §£@¥€r 123]

Saudi Arabia will raise oil production to record levels within weeks in an attempt to avert an escalation of social and political unrest around the world. King Abdullah signalled the commitment to the UN secretary general, Ban Ki-moon, at the weekend after the impact of skyrocketing oil prices on food sparked protests and riots from Spain to South Korea.

Next month, the Saudis will be pumping an extra half-a-million barrels of oil a day compared to last month, bringing total Saudi production to 9.7 million barrels a day, their highest ever level. But the world's biggest oil exporters are coupling the increase with an appeal to western Europe to cut fuel taxes to lower the price of petrol to consumers.

Saudi Arabia, which has called an emergency meeting of oil producers and consumers in the port city Jeddah next Sunday, says the energy crisis has not been caused purely by market pressures but by a speculative bubble. Saudi Arabia and Opec believe there are no shortages to justify the sudden surge in prices.

...

Saudi Arabia, which is the only Opec member with spare capacity, has been under pressure from the Bush administration to increase production, with petrol now costing a record $4 (£2) per gallon in America. But the Saudis argue that although the barrel has jumped as high as $140 recently, they are earning less in real terms owing to the decline in the value of the dollar. Until now they have hesitated to announce a large increase over a sustained period, sticking to the Opec line which blames Western speculators for the increase.

http://www.independent.co.uk/news/world/mi...oil-847830.html

[MrsCat 6]

I'm confused - too many #s in that article. Is gas going up, down or staying the same? And what does that have to do with a King?

[w¡n9Nµ7 §£@¥€r 123]

I'm confused - too many #s in that article. Is gas going up, down or staying the same? And what does that have to do with a King?

[Alhamdulillah 0]

I'm confused - too many #s in that article. Is gas going up, down or staying the same? And what does that have to do with a King?

LOL basically, that king is saying there's no need to increase production of oil because western govts are just hiking up the prices to screw with us but he eventually gave in and bowed to their will because ..... well the west thinks it's god and everyone has to do their bidding, and if that doesn't happen they spread their sh*t all over the world until they get their way. Gas prices will enevitably go up but not because of that king.

[MrsCat 6]

Any other takers on the interpretation of this article. Preferably someone who says prices are going down?

Just kidding Alhamdulillah - good reply

[Hilarious Clinton 452]

Whatever. In one hundred years they will be chopping each others heads off minus the oil. Have fun.

[mawilson 2,133]

I'm confused - too many #s in that article. Is gas going up, down or staying the same? And what does that have to do with a King?

LOL basically, that king is saying there's no need to increase production of oil because western govts are just hiking up the prices to screw with us but he eventually gave in and bowed to their will because ..... well the west thinks it's god and everyone has to do their bidding, and if that doesn't happen they spread their sh*t all over the world until they get their way. Gas prices will enevitably go up but not because of that king.

They are hiking up the prices to screw with China and India.

Worry not - it's all part of a master plan to bankrupt India and China.

They are subsidising gas prices for their citizens and have no supply of their own.

The average Chinaman is only paying $1-1.5 per gallon, the Chinese government

foots the rest of the bill.

If they stop doing that, their economy will go to pot. NICE! Trade some commodity

futures in Chicago, keep the oil prices high long enough.... watch their great big pile

of cash disappear forever.

(Well, of course, their cash will go to the Ayrabs, but we can handle the Ayrabs.)

Edited June 16, 2008 by mawilson

[eric&gen 0]

This is confusing sounds made up bunch of chit to me.

[w¡n9Nµ7 §£@¥€r 123]

Worry not - it's all part of a master plan to bankrupt India and China.

I agree. I also happen to think devaluing the dollar and the decision to discontinue reporting M3 all ties into that master plan.