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Thread: Saudi Arabia in Talks to boost oil supplies

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    Saudi Arabia in Talks to boost oil supplies

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    By David Blair and Jack Farchy in London and Javier Blas in Washington
    Published: February 24 2011 12:50 | Last updated: February 24 2011 13:58

    Saudi Arabia is in “active talks” with European oil companies to meet the production shortfall left by Libya, the clearest indication to date that the leader of the Opec oil cartel is about to boost supplies to stop further rises in the oil price, which surged to near $120 a barrel on Thursday.
    Riyadh is asking “what quantity and what quality of oil they [the European refiners] want,” a senior Saudi oil official said on condition of anonymity.
    Oil traders said the talks signalled that Saudi Arabia realised that the political crisis in Libya was now an oil supply crisis and that the kingdom needed to act quickly and decisively to stop oil prices hurting the global economic recovery.
    “You can only expect the price to go up. It is fear of the unknown. The risks are all to the upside,” one senior oil trader said. “Saudi Arabia needs to respond.”
    The kingdom is considering two options for increasing supplies. The first would be to boost Saudi production and send more crude through the kingdom’s East-West pipeline, which links the Gulf region with the Red Sea port of Yanbu, for shipment to Europe.
    Another possibility, which is currently only being “studied”, would be a swap arrangement, whereby West African oil intended for Asian buyers is redirected to Europe, with Saudi Arabia stepping in to supply the Asian customers
    Looks like someone is putting on the pressure.
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    Re: Saudi Arabia in Talks to boost oil supplies

    If not........world-wide depression?

    We're trying to keep our gas under $4 a gallon.

    Europe is trying to keep it under $15 a gallon. (and that's only a slight exageration.)
    Last edited by Erod; 02-24-11 at 01:13 PM.

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    Re: Saudi Arabia in Talks to boost oil supplies

    Quote Originally Posted by Erod View Post
    If not........world-wide depression?
    That will only happen if the US defaults on its obligations because of the pig-headed Republican Tea Party.

    We're trying to keep our gas under $4 a gallon.

    Europe is trying to keep it under $15 a gallon. (and that's only a slight exageration.
    It is a HUGE exageration lol.

    Last I bought gas a few days ago, I got it for 1.26ish a litre. A gallon is 3.875 litres, so that is 4,77 Euros, which is about 6,57 dollars at present exchange rate. Now that will rise as everywhere else, but to over the double while yours only goes to 5 bucks? Not on this planet.

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    Re: Saudi Arabia in Talks to boost oil supplies

    Quote Originally Posted by PeteEU View Post
    That will only happen if the US defaults on its obligations because of the pig-headed Republican Tea Party.
    Why is it OK for the entire world to never pay us back? We've given away trillions, and the world doesn't appreciate it, and wouldn't dream of repaying it.

    But God forbid we ever miss a payment in China. LOL

    Oh well, if we can't pay, we'll just blow China the hell up.

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    Re: Saudi Arabia in Talks to boost oil supplies

    Quote Originally Posted by Erod View Post
    Why is it OK for the entire world to never pay us back? We've given away trillions, and the world doesn't appreciate it, and wouldn't dream of repaying it.
    You have? Care to document this please?

    But God forbid we ever miss a payment in China. LOL
    Your credibility in the financial markets would be equal that to Greece.... unable to loan any money to run you massively bloated government.. unable to run your wars.

    Oh well, if we can't pay, we'll just blow China the hell up.
    ..... that seems to be the answer to all your problems when it comes for the US right wing...

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    Re: Saudi Arabia in Talks to boost oil supplies

    Saudi Arabia is acting in a fashion that is pragmatic and consistent with its interests. It is not in Saudi Arabia's interests to allow the price of oil to reach a point where it triggers a substantial global recession. In a blog entry posted yesterday, economist Dr. Ed Yardeni observed with respect to the most recent global recession:

    The global oil bill soared to a record $4,252bn (annualized) during June 2008. It then plunged to $1,256bn during December 2008. That drop of $2,996bn was unprecedented...
    At a time of rising pressure for reform in the Arab world, including among some of Saudi Arabia's population, a situation that ultimately leads to a sharp contraction in oil revenue would be potentially destabilizing for Saudi Arabia. Oil revenue currently accounts for 45% of Saudi Arabia's GDP, 80% of its government revenue, and 90% of its export income.

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    Re: Saudi Arabia in Talks to boost oil supplies

    Quote Originally Posted by PeteEU View Post
    You have? Care to document this please?



    Your credibility in the financial markets would be equal that to Greece.... unable to loan any money to run you massively bloated government.. unable to run your wars.



    ..... that seems to be the answer to all your problems when it comes for the US right wing...
    Can you really sit there with a straight face argue that the US hasn't given away $trillions? Come on!
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    Re: Saudi Arabia in Talks to boost oil supplies

    Maybe we should boost our production, too?

    Quote Originally Posted by Wiggen View Post
    You never fail to disappoint with your anti-black, 'oh we poor white victims' bull****. Way to go.

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    Re: Saudi Arabia in Talks to boost oil supplies

    Quote Originally Posted by American View Post
    Can you really sit there with a straight face argue that the US hasn't given away $trillions? Come on!
    No, I am asking for proof and a definition of what "given away trillions" is. Military aid? Humanitarian aid? and over what time period? Does lend lease come into the equation? How about the trillions that went the other way in "liberated" technology?

    So we are back to the definition question again.. else it is just another lame chest thumping exercise by a right wing american, without no base in facts or reality.

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    Re: Saudi Arabia in Talks to boost oil supplies

    Three additional quick points:

    1. U.S. assistance e.g., the Marshall Plan, etc., was not a "give away." It was very much in American interests to contribute to the rebuilding of a politically stable and prosperous Europe. The benefits of that political stability and economic prosperity continue to accrue to the U.S. and the European countries.

    2. That the U.S. might be squeezed by high energy prices has a lot to do with a lack of energy policy and lack of strategy to diversify the nation's energy supply. That is a problem that has existed for almost 40 years. That deliberate policy choice has adverse consequences, including a lack of flexibility when supply disruptions occur. The U.S., not other countries, is to blame for that deliberate and, IMO, risky policy choice. Complacency can, especially in the medium- and longer-term, be far riskier than the bold policies required to push innovation.

    3. That the U.S. apparently engages in little contingency planning is another problem. Hence, when crises erupt, the U.S. often consumes time and resources trying to develop responses when a significant extent of the planning should already have been completed. Unrest in Iran following the disputed election, and more recently in parts of the Mideast, coupled with the reality that many authoritarian regimes have crumbled in the past when subjected to internal or external stress, suggested that the U.S. should have had a contingency plan in place should such a scenario unfold. The reality of spillovers/contagion also should have heightened preparation for the possibility that recent turmoil might not be confined to Egypt, Yemen, Bahrain, etc. Contigency planning is a common risk management tool. The apparent lack of preparation in which the U.S. had little or no idea what to do if the turmoil spread to Libya (after two of Libya's neighbors experienced such uprisings) is both extraordinary and troubling.
    Last edited by donsutherland1; 02-24-11 at 01:46 PM.

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