DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Saudis cut oil output by 1 million barrels a day to raise prices

**TheBestCheapestOEM** · 01-31-2007, 01:12 AM

The Saudi cut is seen as an aggressive move to keep the price of the US benchmark crude above 55 usd a barrel, the report said, citing Roger Diwan, an analyst at PFC Energy, a Washington industry consultancy.

Word of the Saudi move to further trim output comes as traders are trying to learn if OPEC is going to cut its production in line with its announced plans, the Journal said, noting OPEC's members often produce more than they have pledged.

Saudi Arabia's reduction is nearly double the total cuts it agreed to make under two output accords hammered out at OPEC at meetings in October and December, the WSJ said. The 10 OPEC members that committed to the cuts were producing about 27.5 mln barrels a day in September, the Journal said, and if the agreed-upon cuts are fully implemented, output would drop to 25.8 mln barrels a day in a global oil market of about 85 mln barrels a day. Saudi Arabia to cut oil output to raise prices - report - Forbes.com Looks like a good time to get that electric car built again. Solar panels all around. The Saudis have us by the balls.

01-31-2007, 01:12 AM	#8
TheBestCheapestOEM Join Date Nov 2005 Posts 378 Senior Member	Saudis cut oil output by 1 million barrels a day to raise prices The Saudi cut is seen as an aggressive move to keep the price of the US benchmark crude above 55 usd a barrel, the report said, citing Roger Diwan, an analyst at PFC Energy, a Washington industry consultancy. Word of the Saudi move to further trim output comes as traders are trying to learn if OPEC is going to cut its production in line with its announced plans, the Journal said, noting OPEC's members often produce more than they have pledged. Saudi Arabia's reduction is nearly double the total cuts it agreed to make under two output accords hammered out at OPEC at meetings in October and December, the WSJ said. The 10 OPEC members that committed to the cuts were producing about 27.5 mln barrels a day in September, the Journal said, and if the agreed-upon cuts are fully implemented, output would drop to 25.8 mln barrels a day in a global oil market of about 85 mln barrels a day. Saudi Arabia to cut oil output to raise prices - report - Forbes.com Looks like a good time to get that electric car built again. Solar panels all around. The Saudis have us by the balls.
	Quote