Saudi Arabia is extending its oil sales to the United States this year. KSA’s shipments to the US have risen 25 percent to the highest level since mid-2008, Reuters reported today.
The increase in sales to the US evokes comparison to 2008 when the KSA was driving up production to knock oil process off record highs near $150 a barrel.
The kingdom has also stepped up efforts this week to assure edgy markets that it will make up for any oil supply disruptions at a time when Iran's standoff with the West has begun to intensify.
Source: Reuters, 17 March 2012