Saudi Arabia plans to increase oil output
source: http://www.nytimes.com/2008/06/14/business/14oil.html?_r=1&hp&oref=slogin
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- merasyad
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Saudi Arabia, the world’s biggest oil exporter, is planning to increase its output next month by about a half-million barrels a day. The increase could bring Saudi output to a production level of 10 million barrels a day, which, if sustained, would be the kingdom’s highest ever.
Saudi Arabia is currently pumping 9.45 million barrels a day, which is an increase of about 300,000 barrels from last month.
While they are reaping record profits, the Saudis are concerned that today’s record prices might eventually damp economic growth and lead to lower oil demand, as is already happening in the United States and other developed countries. The current prices are also making alternative fuels more viable, threatening the long-term prospects of the oil-based economy.
Oil prices have gained 40 percent this year, rising to nearly $140 a barrel in recent days and driving gasoline costs above $4 a gallon. Some analysts have predicted that prices could reach $200 a barrel this year as oil consumption continues to rise rapidly while supplies lag.
Saudi Arabia is currently pumping 9.45 million barrels a day, which is an increase of about 300,000 barrels from last month.
While they are reaping record profits, the Saudis are concerned that today’s record prices might eventually damp economic growth and lead to lower oil demand, as is already happening in the United States and other developed countries. The current prices are also making alternative fuels more viable, threatening the long-term prospects of the oil-based economy.
Oil prices have gained 40 percent this year, rising to nearly $140 a barrel in recent days and driving gasoline costs above $4 a gallon. Some analysts have predicted that prices could reach $200 a barrel this year as oil consumption continues to rise rapidly while supplies lag.
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- tags:
- Economy, Business, Oil, Current News USA, 6 more
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huntre
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One of my dreams is when US consumers say "No" to increased oil output and leave these profit mongers "over a barrel".
- 3 years ago
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huntre
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maasanova
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It won't matter much in the end how much oil they pump because the value of the dollar is fuck all. We get most of our oil from Canada and Venezuela anyways.
- 3 years ago
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maasanova
