Saudis to Increase Oil Output
The Saudis are looking to increase their capacity for producing oil by up to 500,000 barrels a day. While not likely to push all the way out on capacity, increasing its potential is an overaoll positive. However, there is concern that if Saudi Arabia increases its capacity, there may be cleavages within OPEC as many OPEC nations are more limited in their capacity to enhance production.
Obviously, anything that gets oil to the market is good. While is definitely time to look at alternatives (and this is happening more and more now due to market mechanisms), oil still is the lifeblood of the global economy and the American economy. We should watch this closely.
Obviously, anything that gets oil to the market is good. While is definitely time to look at alternatives (and this is happening more and more now due to market mechanisms), oil still is the lifeblood of the global economy and the American economy. We should watch this closely.
Comments