Not Logged In Log In   Sign Up   Points Leaders
Follow Us    1:53 PM

GasBuddy News Article

50
votes
Saudi Arabia cuts oil output as US production grows, official says

Bangor Daily News -- MANAMA, Bahrain — Saudi Arabia, the world’s largest crude exporter, reduced production to the lowest in 19 months as booming U.S. output and recovering shipments from Iraq threaten to oversupply the global oil market, a Gulf official said.

Production fell 4.9 percent to 9.025 million barrels a day in December, according to the person with knowledge of the kingdom’s energy policy. The 465,000-barrel cut is the largest monthly drop since November 2008, when Saudi Arabia and other OPEC members slashed supplies amid a global recession.

Brent crude futures Thursday advanced as much as $1.53, or 1.4 percent, to a three-month high of $113.29 a barrel on the ICE Futures Europe exchange in London. Banks and consultants including Societe Generale, the Centre for Global Energy Studies and Jadwa Inv


Read the Full Article

Submitted Jan 11, 2013 By: bar1035
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Saudi Arabia cuts oil output as US production grows, official says Back to Topics
REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

Posts:24,300
Points:2,435,365
Joined:Nov 2008
Message Posted: Jan 13, 2013 9:08:04 PM

Saudi Arabia is still the one with the highest oil reserves. Like it or not.
1fulltank
Champion Author Buffalo

Posts:11,053
Points:2,316,605
Joined:Nov 2008
Message Posted: Jan 13, 2013 3:14:57 AM

Retread.
gravityhurts
Champion Author North Carolina

Posts:5,648
Points:1,649,105
Joined:Sep 2008
Message Posted: Jan 12, 2013 4:32:31 AM

OPEC HAS BEEN IN THE DRIVERS SEAT LONG ENOUGH, BYE OPEC.
gobux10
Champion Author Ohio

Posts:4,212
Points:886,680
Joined:Mar 2010
Message Posted: Jan 12, 2013 3:04:22 AM

Just trying to keep their price up by limiting demand
52MPG
Champion Author Dayton

Posts:10,626
Points:2,548,725
Joined:Apr 2006
Message Posted: Jan 12, 2013 2:00:26 AM

It will be nice if they have to cut t to zero.
NedW
Champion Author Indianapolis

Posts:8,118
Points:1,729,345
Joined:Mar 2008
Message Posted: Jan 12, 2013 1:59:09 AM

Ditto, jrs4125.
jrs4125
Champion Author Indiana

Posts:4,993
Points:1,374,240
Joined:Sep 2011
Message Posted: Jan 12, 2013 1:20:25 AM

Must keep the crude price high.
SkooterG
Champion Author Phoenix

Posts:4,003
Points:1,107,175
Joined:May 2012
Message Posted: Jan 12, 2013 12:43:20 AM

At least they are having to cut their own profits.
1fulltank
Champion Author Buffalo

Posts:11,053
Points:2,316,605
Joined:Nov 2008
Message Posted: Jan 11, 2013 11:27:35 PM

Well, when you get used to making billions...
NOTSOGRN
Champion Author Michigan

Posts:2,617
Points:2,235,270
Joined:Dec 2007
Message Posted: Jan 11, 2013 11:10:00 PM

.
.
A fresh link to article here:
Saudi Arabia cuts oil output as US production grows, official says
Palantas
All-Star Author Indianapolis

Posts:833
Points:538,305
Joined:Sep 2011
Message Posted: Jan 11, 2013 9:45:50 PM

I see.
Focus2
Champion Author Illinois

Posts:8,172
Points:2,143,245
Joined:Mar 2006
Message Posted: Jan 11, 2013 9:40:05 PM

You won't see $2 gasoline because the refineries here know you will pay $3 to $4 without protesting!
crreed1
Champion Author West Virginia

Posts:5,141
Points:3,245,085
Joined:May 2005
Message Posted: Jan 11, 2013 9:36:28 PM

there goes the gas prices
medic319
All-Star Author Akron

Posts:756
Points:671,100
Joined:Mar 2012
Message Posted: Jan 11, 2013 9:34:52 PM

Maybe we should slow production of military hardware that we sell to the Saudis
HEBster
Champion Author Kentucky

Posts:12,021
Points:3,169,340
Joined:May 2006
Message Posted: Jan 11, 2013 9:34:26 PM

Gotta keep up that $3/gallon mindset...
Zonk
Champion Author Michigan

Posts:9,813
Points:2,903,875
Joined:Oct 2005
Message Posted: Jan 11, 2013 9:33:33 PM

The Saudi's want to keep oil prices high.
Harry813
Champion Author Iowa

Posts:4,724
Points:1,369,195
Joined:Jul 2011
Message Posted: Jan 11, 2013 9:32:33 PM

I'll agree to that !
Settjec
Champion Author Little Rock

Posts:5,260
Points:1,477,295
Joined:May 2010
Message Posted: Jan 11, 2013 9:31:16 PM

That's to simple "rahcat"
silverfoxv65
Champion Author Michigan

Posts:7,898
Points:2,035,955
Joined:Sep 2009
Message Posted: Jan 11, 2013 9:31:10 PM

They lie so much that you do not know what to believe.
rahcat
Champion Author Grand Rapids

Posts:6,105
Points:1,493,450
Joined:Jan 2010
Message Posted: Jan 11, 2013 9:30:26 PM

Why not trade them Obama to keep oil output high?
Toppers
Champion Author Atlanta

Posts:12,307
Points:3,287,425
Joined:Mar 2005
Message Posted: Jan 11, 2013 9:29:01 PM

Trying to keep supply down...
PissedATthePump
All-Star Author Pennsylvania

Posts:600
Points:160,180
Joined:May 2012
Message Posted: Jan 11, 2013 9:25:11 PM

Just keeping supply lower than demand.
heartbroken2010
Champion Author Ottawa

Posts:7,698
Points:1,706,010
Joined:Aug 2010
Message Posted: Jan 11, 2013 9:24:50 PM

ok , i dont get this. if there is 'oversupply" why are prices spiking on any given day of the week ?
viperND
Champion Author South Bend

Posts:7,250
Points:1,564,015
Joined:Apr 2011
Message Posted: Jan 11, 2013 9:24:30 PM

bah
10k
Champion Author North Carolina

Posts:25,787
Points:3,060,325
Joined:May 2006
Message Posted: Jan 11, 2013 9:24:23 PM

goody-now big oil has a reason to jump 25¢ every week for a month..

chuckwthompson: i agree 100%..

[Edited by: 10k at 1/12/2013 12:25:16 AM EST]
tedjm1
Champion Author New York

Posts:5,609
Points:801,050
Joined:Dec 2006
Message Posted: Jan 11, 2013 9:23:58 PM

Someone needs higher prices?
chuckwthompson
Champion Author Charlotte

Posts:7,150
Points:1,403,560
Joined:Sep 2011
Message Posted: Jan 11, 2013 9:22:56 PM

Screw Sauda Arabia and the camel they rode in on!
uglytom
Champion Author Florida

Posts:7,464
Points:1,542,015
Joined:Jul 2007
Message Posted: Jan 11, 2013 9:21:40 PM

Let's keep their oil in the ground!
4warned
Champion Author Michigan

Posts:5,900
Points:2,922,980
Joined:Nov 2006
Message Posted: Jan 11, 2013 9:21:06 PM

Sounds like there trying to drive prices up.
Bigwaynef
Champion Author South Carolina

Posts:15,726
Points:2,886,080
Joined:Dec 2006
Message Posted: Jan 11, 2013 9:20:45 PM

OH boy another excuse to raise prices on gas...
regout
Champion Author Quebec

Posts:6,205
Points:1,615,555
Joined:May 2010
Message Posted: Jan 11, 2013 9:20:40 PM

Well, USA could keep there oil until SA have no more oil.
unicornpmb
Champion Author Buffalo

Posts:11,864
Points:2,460,095
Joined:Sep 2005
Message Posted: Jan 11, 2013 9:17:37 PM

Too bad.
jkpsr
Champion Author New Jersey

Posts:5,978
Points:1,637,020
Joined:Jun 2005
Message Posted: Jan 11, 2013 9:15:59 PM

They need to keep oil prices high
skb69sa
Champion Author San Antonio

Posts:6,623
Points:1,474,875
Joined:Mar 2011
Message Posted: Jan 11, 2013 9:15:08 PM

Keep away from OPEC and the Arab world.
TIGERPAW46
Champion Author Florida

Posts:10,564
Points:2,144,480
Joined:Mar 2004
Message Posted: Jan 11, 2013 9:15:00 PM

Saudi will just save the extra until the price is higher. The Shale oil people are just waiting to get Washington approval To Export, once they can arrange the distribution to the ports. Then they will raise their prices also.
Jmac2008
Champion Author Missouri

Posts:4,648
Points:1,497,275
Joined:Dec 2008
Message Posted: Jan 11, 2013 9:14:35 PM

anything to keep the price high and gouge the average american.
judgemobile
Champion Author Ohio

Posts:10,944
Points:3,260,175
Joined:Nov 2005
Message Posted: Jan 11, 2013 9:12:18 PM

tell all Arabs: ONE bushel of wheat for ONE barrel of oil. They need our food far more than we need their oil.
Chris46
Champion Author Dayton

Posts:51,087
Points:2,885,740
Joined:Sep 2005
Message Posted: Jan 11, 2013 9:11:59 PM

We've got them shaking in their boots! Wait, do Arabs wear boots?
boatfloyd
Champion Author Jacksonville

Posts:5,133
Points:1,196,240
Joined:Mar 2012
Message Posted: Jan 11, 2013 9:11:53 PM

I knew they would figure out how to keep the price up :).
FlyNFool
Champion Author South Carolina

Posts:11,523
Points:2,509,270
Joined:Aug 2008
Message Posted: Jan 11, 2013 9:11:16 PM

Maybe they are getting the hint!
naspa
Champion Author Cleveland

Posts:4,785
Points:1,184,325
Joined:Jan 2012
Message Posted: Jan 11, 2013 9:10:39 PM

I hope they run out of oil alltogether. If I knew where the gasoline is from when I gass up I would be very selective.
joel27nc
Champion Author Raleigh

Posts:13,922
Points:2,684,420
Joined:Mar 2008
Message Posted: Jan 11, 2013 9:10:33 PM

Keep oil coming
stratlinetime
Champion Author Kalamazoo

Posts:5,653
Points:1,372,590
Joined:Feb 2011
Message Posted: Jan 11, 2013 9:10:32 PM

Why is the price still going up?
melvindale
Champion Author Michigan

Posts:1,438
Points:351,230
Joined:Jun 2011
Message Posted: Jan 11, 2013 9:09:17 PM

Truth or OPEC move?
jcpatriots
Champion Author Massachusetts

Posts:5,801
Points:1,321,245
Joined:Sep 2011
Message Posted: Jan 11, 2013 9:08:05 PM

Figures. Can't have prices go below $3...
Blue_Cruzer
Champion Author Lexington

Posts:8,894
Points:1,942,465
Joined:Mar 2007
Message Posted: Jan 11, 2013 9:06:26 PM

Keeping supply tight.
jdevlin
All-Star Author Ontario

Posts:916
Points:2,118,085
Joined:Sep 2008
Message Posted: Jan 11, 2013 9:05:09 PM

ok
cheaper0ON
Champion Author Ontario

Posts:4,310
Points:1,228,155
Joined:Jan 2012
Message Posted: Jan 11, 2013 9:04:39 PM

Ok.
wshokie12
Champion Author Winston-Salem

Posts:3,500
Points:945,890
Joined:Aug 2012
Message Posted: Jan 11, 2013 9:04:07 PM

Well
PrinceLH
Champion Author Ontario

Posts:6,084
Points:1,347,545
Joined:Jun 2011
Message Posted: Jan 11, 2013 9:03:33 PM

That's right!
BobD2009
Champion Author Long Island

Posts:10,317
Points:2,033,490
Joined:Apr 2009
Message Posted: Jan 11, 2013 9:02:55 PM

Good energy independence should be the USA goal.
Post a reply Back to Topics