Saudi Oil: Help or Hindrance?

    • Whichever oil supplier can handle the shortfall during the Libyan 'unpleasantness', I welcome it.

    • It doesn't matter if Saudi Arabia fills in the gap or whether or not there is or isn't a oil shortage the price of oil is going to go up because the speculators on wall street will cause it to go up. Speculators are the problem, not the supply. Oil prices haven't been driven by supply and demand ever since oil was traded as a commodity on the market.

    • Of course they blame this I mean heaven forbid they take the blame!!

    • In complete contrast to the statement that Saudi Arabia actually has the quantity of crude to supply the market shortfall, here's what a recent Vice President of Exploration and Production for Aramco had to say about his country's ability to produce more oil over the long term:

    • Here's an irony for you:

      The former Soviet Union was a major exporter of oil (much of it from Russia) and so oil was a major source of revenue for the Soviet government. One of the reasons the Soviet Union collapsed was due to low oil prices created by Saudi Arabia increasing its oil production at the request of the US.

      Today, Russia is still a major producer of oil -- about 10 million bbls/day -- and consumes only about 2.5 million bbls/day, exporting the remainder. The US, in contrast, consumes 20 million bbls/day and imports half of that.

      How the tables have turned.

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