Saudi Oil
Posted by Big Gav
The Saudis have been reported today saying that they have extra capacity they will be bringing on stream and that prices will be kept under control. But there seems to be a bit more to the Saudi Energy minister's remarks than just "everything is fine".
Al-Naimi said the challenge for the global energy market is greater than just increasing crude oil capacity. He said the industry must remove refining bottlenecks, improve efficiency and conservation, and provide better data on supply and demand, among other things, until the world no longer relies on hydrocarbons to meet its energy needs.
It would have been nice if he gave a timeframe and a plan for that last bit. Elsewhere reports are indicating a pretty rapid decline in production in the North Sea
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