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Saudi Arabia Promise More Oil to Drive Global Prices Down

Saudi Arabia has offered ... extra oil supplies through the end of the year, a sign the world’s largest exporter is worried about the impact of rising prices on the global economy.

“The current price is too high,” a senior Gulf-based oil official told the Financial Times. “We would like to see oil prices back to $100 a barrel.”

This might just be talk ... oil prices are down sharply over the last two days, however Brent futures are still at $112.52 per barrel according to Bloomberg.

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  • Bo on September 20 2012 said:
    Why would Saudi's be increasing supplies to a world awash in oil?

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