Saudi Arabia urges more OPEC production

[zauberflote]

May 10, 2004 | Riyadh, Saudi Arabia -- In a significant shift, Saudi Arabia's oil minister said Monday that crude prices have risen far enough, and he will urge OPEC to increase production, reversing an output cut that began just last month.

The change in Saudi oil policy, Oil Minister Ali Naimi said, is due to concern that high prices could hurt the world economy and reduce demand for oil. Oil prices have risen steadily in recent weeks, with U.S. crude oil prices touching $40 a barrel on Friday.

It is certain that the kingdom believes that increasing the OPEC production ceiling is essential to keep supply and demand balanced," Saudi oil minister Ali Naimi said in a statement.

He said the increase, which he planned to propose at a June 3 meeting of the Organization of Petroleum Exporting Countries, should "not be less than 1.5 million barrels a day."

snip

The change in Saudi oil policy came only weeks after Washington Post journalist Bob Woodward said in a new book that Saudi Arabia had made a deal with the White House to increase oil production to drive down U.S. gasoline prices and help President Bush win re-election. Saudi and U.S. officials denied the report.

More here: http://salon.com/news/wire/2004/05/10/saudi_opec/index.html
Ain't it disgusting?

[JohnLocke]

1. The plan is to increase production to disguise dwindling oil reserves....

As soon as Bush is re-elected, the Arabs will jack up prices again by reducing producing in an attempt to instill false confidence in the world's readily available petroleum reserves.

[squidbro]

2. Bush will lose regardless

It's disgusting, but at this point, won't do much to save Bush.

[Dudley_DUright]

3. Totally disgusting, but totally predictable

These guys don't even try to hide their corruption anymore. It is all done in plain sight with a f*ck you attitude.

[Just Me]

4. The cat is already out of the bag. Can't change that *LOL*!!! n/t

[Bonhomme Richard]

5. Who coulda seen that commin?.......n/t