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OIL NEWS * Saudi Arabia - Saudis, U.S. split on oil
Vague pledge to increase output if needed falls short of American demands, means quick price relief is unlikely
Jiddah,Saudi Arabia -The Detroit News, by Sebastian Abbot -June 23, 2008: -- ... A hastily convened global energy summit meeting led by Saudi Arabia ended largely in disagreement on Sunday, with only a modest pledge of increased production and no resolution on what other practical steps should be taken to ease the crisis over soaring oil prices... The Saudis announced they would raise production by 200,000 barrels a day. But news of that increase had already been absorbed by the voracious world market for oil, and it was not expected to affect prices... Oil Minister Ali al-Naimi said at the meeting, attended by officials from more than 30 countries and 25 oil companies... Saudi Arabia, the biggest oil exporter, is the only country that can significantly boost production quickly...
Labels: oil news worldwide
posted by Unknown @ 4:03 PM
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