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Saudi Arabia Promise More Oil to Drive Global Prices Down

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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