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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


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Submitted Jan 11, 2013 By: bar1035
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REPLIES (newest first) Post a Reply
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honda0105
Champion Author Tallahassee

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Message Posted: Jan 13, 2013 10:08:04 PM

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

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Message Posted: Jan 13, 2013 4:14:57 AM

Retread.
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gravityhurts
Champion Author North Carolina

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Message Posted: Jan 12, 2013 5:32:31 AM

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

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Message Posted: Jan 12, 2013 4:04:22 AM

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

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Message Posted: Jan 12, 2013 3:00:26 AM

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

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Message Posted: Jan 12, 2013 2:59:09 AM

Ditto, jrs4125.
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jrs4125
Champion Author Indiana

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Message Posted: Jan 12, 2013 2:20:25 AM

Must keep the crude price high.
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SkooterG
Champion Author Phoenix

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Message Posted: Jan 12, 2013 1:43:20 AM

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

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Message Posted: Jan 12, 2013 12:27:35 AM

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

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Message Posted: Jan 12, 2013 12:10:00 AM

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

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Message Posted: Jan 11, 2013 10:45:50 PM

I see.
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Focus2
Champion Author Illinois

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Message Posted: Jan 11, 2013 10:40:05 PM

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

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Message Posted: Jan 11, 2013 10:36:28 PM

there goes the gas prices
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medic319
All-Star Author Akron

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Message Posted: Jan 11, 2013 10:34:52 PM

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

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Message Posted: Jan 11, 2013 10:34:26 PM

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

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Message Posted: Jan 11, 2013 10:33:33 PM

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

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Message Posted: Jan 11, 2013 10:32:33 PM

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

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Message Posted: Jan 11, 2013 10:31:16 PM

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

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Message Posted: Jan 11, 2013 10:31:10 PM

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

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Message Posted: Jan 11, 2013 10:30:26 PM

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

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Message Posted: Jan 11, 2013 10:29:01 PM

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

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Message Posted: Jan 11, 2013 10:25:11 PM

Just keeping supply lower than demand.
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heartbroken2010
Champion Author Ottawa

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Message Posted: Jan 11, 2013 10:24:50 PM

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

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Message Posted: Jan 11, 2013 10:24:30 PM

bah
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10k
Champion Author North Carolina

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Message Posted: Jan 11, 2013 10:24:23 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]
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tedjm1
Champion Author New York

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Message Posted: Jan 11, 2013 10:23:58 PM

Someone needs higher prices?
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chuckwthompson
Champion Author Charlotte

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Message Posted: Jan 11, 2013 10:22:56 PM

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

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Message Posted: Jan 11, 2013 10:21:40 PM

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

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Message Posted: Jan 11, 2013 10:21:06 PM

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

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Message Posted: Jan 11, 2013 10:20:45 PM

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

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Message Posted: Jan 11, 2013 10:20:40 PM

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

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Message Posted: Jan 11, 2013 10:17:37 PM

Too bad.
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jkpsr
Champion Author New Jersey

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Message Posted: Jan 11, 2013 10:15:59 PM

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

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Message Posted: Jan 11, 2013 10:15:08 PM

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

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Message Posted: Jan 11, 2013 10:15:00 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.
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Jmac2008
Champion Author Missouri

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Message Posted: Jan 11, 2013 10:14:35 PM

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

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Message Posted: Jan 11, 2013 10:12:18 PM

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

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Message Posted: Jan 11, 2013 10:11:59 PM

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

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Message Posted: Jan 11, 2013 10:11:53 PM

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

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Message Posted: Jan 11, 2013 10:11:16 PM

Maybe they are getting the hint!
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naspa
Champion Author Cleveland

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Message Posted: Jan 11, 2013 10:10:39 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.
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joel27nc
Champion Author Raleigh

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Message Posted: Jan 11, 2013 10:10:33 PM

Keep oil coming
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stratlinetime
Champion Author Kalamazoo

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Message Posted: Jan 11, 2013 10:10:32 PM

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

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Message Posted: Jan 11, 2013 10:09:17 PM

Truth or OPEC move?
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jcpatriots
Champion Author Massachusetts

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Message Posted: Jan 11, 2013 10:08:05 PM

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

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Message Posted: Jan 11, 2013 10:06:26 PM

Keeping supply tight.
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jdevlin
All-Star Author Ontario

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Message Posted: Jan 11, 2013 10:05:09 PM

ok
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cheaper0ON
Champion Author Ontario

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Message Posted: Jan 11, 2013 10:04:39 PM

Ok.
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wshokie12
Champion Author Winston-Salem

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Message Posted: Jan 11, 2013 10:04:07 PM

Well
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PrinceLH
Champion Author Ontario

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Message Posted: Jan 11, 2013 10:03:33 PM

That's right!
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