They plan to increase oil production by 550,000 barrels a day to 10 million barrels a day. That would be a 5.3% increase.
Saudi Arabia, the world’s biggest oil exporter, is planning to increase its output next month by about a half-million barrels a day, according to analysts and oil traders who have been briefed by Saudi officials.
Oh and here’s a brilliant idea…
In Washington, bipartisan support is also growing to pass a law allowing the Justice Department to engage in antitrust proceedings against OPEC producers accused of curbing supplies to drive up prices.
What a bunch of idiots, I’m sure that sends shivers of fear down the Saudi’s spines. Why don’t they pass a law allowing our oil companies to explore for oil offshore and in ANWAR, where the oil is?
And exactly how much of the world oil supply does this increase account for?
The production increase, which would amount to less than 1 percent of global consumption, could be made public next week at the energy meeting, which is expected to bring together a large number of consuming and producing countries, including the United States, Russia, Britain, China, India and Japan.
