Saturday, June 14, 2008

Saudis, increasingly nervous about political & economic effect of high oil prices, .. boost production to highest levels..

"....The increase (about 1/2 a million BPD) could bring Saudi output to a production level of 10 million barrels a day, which, if sustained, would be the kingdom’s highest ever. The move was seen as a sign that the Saudis are becoming increasingly nervous about both the political and economic effect of high oil prices. In recent weeks, soaring fuel costs have incited demonstrations and protests from Italy to Indonesia....."

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