Can the Saudis really pump more?

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MarkM's picture
MarkM
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Posts: 845
Can the Saudis really pump more?

Can the Saudis really pump more?

“OPEC is ready to meet any shortage in supply when it happens,” the Saudi oil minister, Ali al-Naimi, said at a news conference after a meeting of ministers of oil producing and consuming nations in Riyadh, Saudi Arabia. “There is concern and fear, but there is no shortage.”

http://www.nytimes.com/2011/02/23/business/global/23oil.html?_r=2&partner=rss&emc=rss

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docmims
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Posts: 644
I think the Saudi statistics

I think the Saudi statistics on how much oil they can pump is as reliable as the US consumer price index.  It is probably a complete fabrication.  That being said there is a price/demand ratio -- even for oil.  If the price makes it back up to 150 dollar a barrel range we will see usage decrease as already weak economies take another nosedive.

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