January 18, 2007
WHEN SUNNI FEAR SHI'A WE ALL WIN:
Saudis plan to increase oil production and refining (Reuters, The Associated Press, January 18, 2007)
Saudi Arabia plans to increase its crude oil production capacity nearly 40 percent by 2009 and double its refining size over the next five years to keep pace with growing global demand, the country's oil minister said Thursday.The minister, Ali Naimi, said the plans were part of a $80 billion commitment that Saudi Arabia -- the world's biggest oil exporter -- had made to increase oil supplies in the global market.
"Saudi Arabia is committed to increasing the availability of energy to global markets," he said.
The country's priority is in investments to increase sustainable oil production capacity to 12.5 million barrels daily by 2009, from 9 million barrels now, Naimi said.
The best carryover from the incipient oil battle between the Sa'uds and Iran/Iraq is that it will deal the death blow to Hugo Chavez. Posted by Orrin Judd at January 18, 2007 1:24 PM
Looks like confused enemies to me.
Also, a recongition that the demand for oil is somewhat elastic. It wouldn't do to sit on it until demand leads to alternative energy sources.
Posted by: Lou Gots at January 18, 2007 3:38 PMAND ever better, if it drops to under $40, no "windfall profits" tax.
Congress screws themselves as they usually do.
Posted by: Sandy P at January 18, 2007 3:59 PM