Wednesday, September 19, 2012

Saudi Arabia Offers Extra Oil to Control Prices

Saudi Arabia has offered its main customers extra oil supplies through the end of the year, the Financial Times reported. The Saudi move came after the price of Brent, the global oil benchmark, rose to $117.95 a barrel on Friday, a 33 percent increase since mid-June.

“The current price is too high…We would like to see oil prices back to $100 a barrel,” a senior oil official told the Financial Times. “We are consulting our clients about their oil needs and telling them we are ready to supply more.”
In March, the Saudis temporarily increased their oil production to 10 million barrels a day. Last month the country produced 9.9 million b/d. 

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