Saudi Oil Minister Says Don't Panic  

Posted by Big Gav

Looking over the week's news, the Saudi oil minister says they have plenty of oil and can pump whatever is necessary to meet demand. However, it appears they currently may be pumping less than they say they are, and the Algerian oil minister is predicting price rises in the northern summer, blaming a lack of refining capacity to meet demand. So - it looks like OPEC has got everyone reading their excuses from the same page.

Elsewhere, it appears Crikey was right and Lord Downer of Baghdad was wrong about the East Timor Oil and Gas Negotiations being finished - the East Timorese are saying they haven't agreed to anything.

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