Log In
Home
Saudi Arabia slashes oil output to defend $100 price
K
Admin
Forum Posts: 31782
Member Since:
15 Feb ’12
15 Feb ’12
Offline
1
12 Sep ’14 - 10:31 am
well so much for cheap fuel oil prices this winter
Saudi Arabia, the world’s biggest oil exporter, has slashed its production of crude in an apparent attempt to prevent the price falling further below $100 per barrel.
The kingdom, which has the capacity to pump 12.5m barrels per day (bpd) of crude at full choke, trimmed 400,000 bpd from its output last month as prices began to weaken, according to a monthly market report issued by the Organisation of Petroleum Exporting Countries (Opec). That is equal to about half the UK’s total oil output at present levels.
Saudi is considered to be the world’s swing producer because it accounts for about 10pc of global demand. The country has acted on several occasions either to pump more oil into the market to ease price pressures, or cut back to maintain prices at levels around $100.
Opec has also cut its forecast for world oil demand and has warned of the risks if the 12-member group continues to pump at its current levels.
farmboy2
Rancher
Members
Forum Posts: 1243
Member Since:
4 Mar ’12
4 Mar ’12
Offline
2
12 Sep ’14 - 6:02 pm
greedy bastards
spotted-horses
Rancher
Members
Forum Posts: 1272
Member Since:
11 Mar ’12
11 Mar ’12
Offline
3
12 Sep ’14 - 6:57 pm
gw99 said
greedy bastards
The whole problem in two words.
Be RADICAL Grow Food
Forum Timezone: America/New_York
Most Users Ever Online: 698
Currently Online:
83 Guest(s)
Currently Browsing this Page:
1 Guest(s)
Top Posters:
easytapper: 2149
DangerDuke: 2030
groinkick: 1667
PorkChopsMmm: 1515
Gravel Road: 1455
Newest Members:
Forum Stats:
Groups: 1
Forums: 12
Topics: 11482
Posts: 58640
Member Stats:
Guest Posters: 2
Members: 19842
Moderators: 0
Admins: 1
Administrators: K
