Following the crude oil price crisis around the world, Saudi Arabia has agreed to increase its production by half a million barrels per day, Army Radio reported Saturday. Riyadh had agreed to increase production following pressures by the United States and several European countries, the station reported. The report stated that the increase in production, slated to begin next month, may not only halt the spiraling hike in prices, but even might lower oil prices.
Citing analysts and oil traders briefed by Saudi officials, the US daily said on Saturday that the plans by the world's largest oil exporter had been privately disclosed recently by Saudi officials. ... The increase, which the Times said may be made public early next week, could put the Saudis' output at 10 million barrels a day, which would be its highest-ever output if sustained. The current level is 9.45 million barrels daily.MORE HERE.
- THE BUBBLE WILL SOON BURST.
- THE ECONOMY WILL IMPROVE.
- THE STOCK MARKETS, TOO.
- THIS - AND AN IRAQ WHICH IS DAILY IMPROVING - HELP MCCAIN.
- OBAMA AND THE DEMS WILL HAVE NEXT TO NOTHING TO RUN ON COME THIS FALL - BESIDES SOCIALIZED HEALTHCARE AND REDISTRIBUTION OF INCOME.
- OBAMA WILL LOSE... BIGTIME.