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316 comments on DrumBeat: June 14, 2008

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Durandal on June 14, 2008 - 9:27am Permalink | Subthread | Comments top

Saudi Arabia, the world’s biggest oil exporter, is planning to increase its output next month by about a half-million barrels a day, according to analysts and oil traders who have been briefed by Saudi officials.

I'm sure many here will "believe it when they see it." Other key points are whether or not net exports will rise as a result, or will this be used for internal use, and if there is anyone around to buy this likely sour heavy oil?

Lastly, is this 500kb uptick sustainable for SA, or a last gasp before going further in to decline?

~Durandal (http://www.wtdwtshtf.com)

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Marco on June 14, 2008 - 9:48am Permalink | Subthread | Parent | Comments top

Saudi statement at the end of July:

"See, the markets are well supplied. Nobody is buying our tar"

Or if prices come down after the statement, then they don't have to increase production.

Marco.

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eric blair on June 14, 2008 - 12:16pm Permalink | Subthread | Parent | Comments top

"Nobody is buying our tar"

Allow the application w/feathers to elected officials, and I'm sure the tar shelves would be bare.

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mkcmkc on June 14, 2008 - 5:12pm Permalink | Subthread | Parent | Comments top

Too expensive. However, the new corn-based, government-subsidized tar substitute is available. It's just like tar, except that it smells like Vegemite and draws packs of angry badgers...

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the_rage on June 14, 2008 - 11:58am Permalink | Subthread | Parent | Comments top

Is it heavy/sour or light crude? Someone posted a few days ago that it was light crude.

And bloomberg.com had an article stating:
"The project, which will produce and process 500,000 barrels a day of Arabian Light crude and 300 million square cubic feet a day of natural gas, is part of Saudi Arabia plans to increase its output capacity to 12.5 million barrels a day by 2009 to help meet demand for oil. "

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Dragonfly41 on June 14, 2008 - 12:28pm Permalink | Subthread | Parent | Comments top

The world's crude and financial markets are currently being propped up in mid-air, just off the cliff, by incredible jaw-boning and rainbow promises. The ones making those statements are the only ones that know the truth about both situations, most consider these talking heads in the best positions to make such statements. For many, many years, that was enough...money in the bank.

Slowly, as the future does not quite go the way it's promised, people are starting to actually act like perhaps these guys don't really know the truth or are telling us something besides the truth.

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316 comments on DrumBeat: June 14, 2008

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