Saudi Arabia Calls for OPEC Supply Rise

[ze_dscherman]

DUBAI (Reuters) - Lead OPEC producer Saudi Arabia on Monday called on OPEC to boost its production ceiling by a minimum 1.5 million barrels per day (bpd) to prevent high oil prices from harming global economic growth.

Saudi Oil Minister Ali al-Naimi said in a statement that an increase in OPEC's output ceiling was "essential" to balance global supply and demand and would be discussed at the producer-consumer meeting from 22-24 May in Amsterdam.

SNIP

The United States and other major consumers are piling pressure on the Organization of the Petroleum Exporting Countries to hoist supplies to cool down oil prices, which briefly hit $40 a barrel in the United States on Friday.

More: http://news.reuters.com/newsArticle.jhtml?type=businessNews&storyID=5088857

[punpirate]

1. Happened sooner than I expected.... n/t

[dusty64]

5. Will their greed

outweigh their promise to try and get chimp reappointed?

[Disturbed]

6. What a Prince, eh?

One of the worst liars of BushCo.

[Zynx]

2. I note that they never did this for Carter or Gore.

[lapfog_1]

3. Had to hike prices first

to make the subsequent lowering of prices (through increased supply)
seem like a great thing... you know, Bush using his influence to
win concessions from the Saudis.

That Bandar... what a card!

Doing his bit to get Our Great Leader reselected, oops, I mean
elected.

Let's see what happens...

[dbt]

4. Remember that scene in Gone With The Wind

where Scarlett says she'll go and ask Ashley Wilkes for the money? About then the old man looks up at her and utters these immortal words:

"Askin' ain't gettin.' "

:evilgrin:
dbt

[Eurobabe]

7. Oh that Bandar Bu$h, he funny!!!!!

:puke:

[workforpower]

8. I 'd guess the Saudis are peaked.

Why else would they do this? The usual game is set quota's but pump more. Looks like the tail is wagging the Saudi dog. Maybe the other OPEC members have changed policy. Why not? Time to make money and teach lessons.

[readmylips]

9. Saudis again to the rescue of bush criminal family......

so what's new?

[jmcgowanjm]

10. Is Saudi Arabia Still the King of the Oil?

Simmons said then that "the entire world assumes Saudi
Arabia can carry everyone's energy needs on its back cheaply.
If this turns out to not work, there is no Plan B, and the world
will face a giant energy crisis."

The scare that drew the Saudis to Washington this week
began two months ago, when the world's largest private
energy banker, Matt Simmons, began loudly voicing his
concern about the state of the Saudi oil reserves to the
media.

Simmons said then that "the entire world assumes Saudi
Arabia can carry everyone's energy needs on its back cheaply.
If this turns out to not work, there is no Plan B, and the world
will face a giant energy crisis."

http://www.alternet.org/story.html?StoryID=18555

http://www.peakoil.net/Publications/REALITY_AND_ILLUSION.pdf

[jackstraw45]

11. Right on time

Takes time for imcreased supply to mean lower prices at the pump. June 3 is the right time for a sharp drop in gas prices by Sept/October.

Just as promised.

[tom_paine]

12. Exactly...just as promised

Now that Imperial Amerika is no longer truly free, Bandar can shove it in our faces the same way he shoves it in his own Tyrannized, Enslaved people's faces.

Shamelessly and in broad daylihgt. That's how you standard Third-World Tyrant like a Bunnypants* or a Bandar operates.