WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices

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WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices

invite response
2011 Feb 9, 1:18am 6,753 views 48 comments

Well this should throw a little oily spice....BAM!.... on our commodities salad.

The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show.

The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels â€“ nearly 40%.

WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices

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zzyzzx 2011 Feb 22, 10:34pm

http://seekingalpha.com/article/223508-doe-update-u-s-crude-oil-production-hits-6-year-high

DOE Update: U.S. Crude Oil Production Hits 6-Year High

U.S. crude oil production increased 1.7% from last week. Year-to-date oil output is up 3.8% from the year ago period. Production is now at the highest level since April 2004.

47 bob2356 2011 Feb 23, 2:17am

It's very nice to increase production form 4.9 to 5.5 million bpd in 18 months. A big price increase always does that. It's just not a very big deal when total consumption is 20 million bpd or in other words 3.8% of 25% doesn't really matter. Despite the rantings of the drill everywhere crowd there is no way to more than triple US oil production.

MAGA 2011 Feb 23, 4:50am

http://www.greencarreports.com/blog/1055745_2012-honda-civic-hf-joins-the-40-mpg-plus-parade-hybrid-too

2012 Honda Civic HF. Honda sees the future. I had a 1985 CRX HF many years ago. Got over 40 mpg.

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patrick.net

WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices

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