Gimme More of that Light, Sweet Crude

Will oil prices soon ease?

Saudi Arabia’s minister of oil, Ali al-Nueimi, yesterday stressed that his country, the largest exporter for oil in the world, increased its production of crude oil at a large pace in the last three months so as to reach 9.3 million barrels, in average daily, noting its readiness to increase its production by 1.3 million barrels daily immediately. This is in an attempt to calm down the increasing world oil prices and to prevent damage to the world economic growth.

Al-Nueimi said that Saudi Arabia is completely ready to meet the needs of world oil companies in case they demand additional amounts of oil.” He explained ” the Kingdom has an extra production capacity reaching more than 1.3 million barrels daily that it can provide directly upon request.” Al-Nueimi stressed ” the care of the Kingdom to maintain the stability of the world oil market and that it is working in co-operation with OPEC states for this purpose and to keep oil price steady.”

Probably not, especially when you consider this:

Am I crying wolf? If so, I’m in the company of some pretty big guns in the oil biz