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Saudis offer extra oil to control prices

CNN (Financial Times) -- -- Saudi Arabia has offered its main customers in the US, Europe and Asia 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 Group of Seven finance ministers last month called on oil exporters to expand production. Saudi Arabia initially reacted coolly to the request, saying that global supply and demand were balanced. But the kingdom has recently taken steps to bring down prices, consulting with large refiners and offering them extra oil.
"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."
The price of Brent, the global oil benchmark, has risen 33 per cent from mid-June to a peak of $117.95...

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Submitted Sep 19, 2012 By: 1studman

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jrs4125 Champion Author Indiana Posts:2,753 Points:590,770 Joined:Sep 2011	Message Posted: Sep 20, 2012 5:25:03 AM Ignore jrs4125 Report Abuse Saudis are not the major factor in the consumer getting gouged at the pump.
remay Champion Author Houston Posts:6,963 Points:2,116,640 Joined:May 2006	Message Posted: Sep 20, 2012 5:17:28 AM Ignore remay Report Abuse Isn't that nice of them.
spiderjay Champion Author Little Rock Posts:4,773 Points:1,282,235 Joined:Oct 2005	Message Posted: Sep 19, 2012 4:19:34 PM Ignore spiderjay Report Abuse $69- would be nice
heydano67 Champion Author California Posts:1,661 Points:356,560 Joined:Feb 2012	Message Posted: Sep 19, 2012 10:28:26 AM Ignore heydano67 Report Abuse Thanks for the help
deputydog082 Champion Author Detroit Posts:1,775 Points:658,390 Joined:Apr 2011	Message Posted: Sep 19, 2012 7:28:08 AM Ignore deputydog082 Report Abuse even they know prices are crazy!
merlinCO Champion Author Colorado Posts:1,635 Points:340,420 Joined:Mar 2012	Message Posted: Sep 19, 2012 6:55:01 AM Ignore merlinCO Report Abuse The Saudis control the output and the Futures Market....what nice people. Maybe Cheney and Bush need to contribute as well.
scu227 Champion Author New Haven Posts:4,146 Points:770,905 Joined:Feb 2011	Message Posted: Sep 19, 2012 6:39:38 AM Ignore scu227 Report Abuse Just eliminate the speculators and everything would be fine.
Dr Gas Champion Author Twin Cities Posts:3,265 Points:358,080 Joined:May 2004	Message Posted: Sep 19, 2012 6:30:35 AM Ignore Dr Gas Report Abuse AS you can see OPEC CANNOT control prices any longer! Long live the oil futures speculator and his ability to move oil prices where he wants them for MORE profit !!!!! Doesn't matter to him that we peasants have to suffer the high prices!
badbonita Champion Author Syracuse Posts:6,219 Points:1,352,735 Joined:Jul 2008	Message Posted: Sep 19, 2012 6:19:51 AM Ignore badbonita Report Abuse The speculators won't let the price go down - they're enjoying the big profits they've been getting.
dandvicb Champion Author Bridgeport Posts:1,227 Points:1,075,980 Joined:Jul 2004	Message Posted: Sep 19, 2012 4:20:59 AM Ignore dandvicb Report Abuse good, just don't let the speculators near the oil!!
EvergreenON All-Star Author Ontario Posts:938 Points:482,715 Joined:Apr 2011	Message Posted: Sep 19, 2012 4:06:33 AM Ignore EvergreenON Report Abuse Good move
Jeffro61 Champion Author Cleveland Posts:2,267 Points:2,284,745 Joined:Oct 2005	Message Posted: Sep 19, 2012 4:02:55 AM Ignore Jeffro61 Report Abuse Stabilize the market by getting rid of the speculators.
kirzon484 Champion Author Atlanta Posts:1,861 Points:432,310 Joined:Jun 2011	Message Posted: Sep 19, 2012 4:01:14 AM Ignore kirzon484 Report Abuse k
LeeFree Champion Author Pittsburgh Posts:9,146 Points:2,242,475 Joined:Jun 2005	Message Posted: Sep 19, 2012 4:00:57 AM Ignore LeeFree Report Abuse We're already producing much more domestically and have decreased our per centage of imports yet prices continue to rise. More production is obviously not helping prices as many would believe, getting Wall Street speculators out of the mix will. Return to the pre-2005 trading rules. In the meantime, Saudi Arabia is happy to help out selling oil at $100+/bbl.
oas Champion Author Maryland Posts:4,225 Points:2,140,440 Joined:Feb 2005	Message Posted: Sep 19, 2012 3:54:12 AM Ignore oas Report Abuse Saudi Arabia has consistently looked at the big picture. They prefer stable to gyrating prices. If the global economy is bad, prices will fall. If prices go too high, demand will fall. I would rather prices were stable at a lower price, but stable is good.
Petrock Champion Author Lexington Posts:9,118 Points:2,556,785 Joined:Apr 2005	Message Posted: Sep 19, 2012 3:50:59 AM Ignore Petrock Report Abuse Well DUH! The economy is stumbling in all the developed countries and every time there is any glimmer of hope oil prices quickly climb and crush it! Anyone with half a brain can tell that oil is severely impacting the global economy.
jcurley Champion Author California Posts:7,893 Points:1,774,045 Joined:Dec 2007	Message Posted: Sep 19, 2012 3:49:39 AM Ignore jcurley Report Abuse I guess they don't want to scare us into expanding our demand for non-gas burning engines in our cars and trucks.
Hop1LA Champion Author Baton Rouge Posts:3,309 Points:1,175,520 Joined:Apr 2008	Message Posted: Sep 19, 2012 3:47:44 AM Ignore Hop1LA Report Abuse Dealers know when addict is in trouble.
Dailyrun Champion Author Kentucky Posts:1,977 Points:387,865 Joined:Apr 2012	Message Posted: Sep 19, 2012 3:47:24 AM Ignore Dailyrun Report Abuse They need to be very worried.
bustermoves Champion Author Fort Worth Posts:3,470 Points:690,625 Joined:Apr 2010	Message Posted: Sep 19, 2012 3:47:05 AM Ignore bustermoves Report Abuse ok
jeff95519 Champion Author California Posts:2,447 Points:1,353,265 Joined:Sep 2008	Message Posted: Sep 19, 2012 3:46:50 AM Ignore jeff95519 Report Abuse drill baby drill
pkhdonovan Champion Author Maine Posts:12,001 Points:2,703,855 Joined:Sep 2005	Message Posted: Sep 19, 2012 3:46:14 AM Ignore pkhdonovan Report Abuse I don't trust their motives.
WR-INC Champion Author Twin Cities Posts:39,486 Points:3,623,360 Joined:Dec 2002	Message Posted: Sep 19, 2012 3:46:02 AM Ignore WR-INC Report Abuse $100 is also too high. Produce more domestically.
Beau2140 Champion Author New York Posts:8,291 Points:1,656,185 Joined:Oct 2008	Message Posted: Sep 19, 2012 3:43:41 AM Ignore Beau2140 Report Abuse Maybe it will help.
pfone1847 Champion Author Illinois Posts:3,181 Points:622,605 Joined:Oct 2010	Message Posted: Sep 19, 2012 3:43:38 AM Ignore pfone1847 Report Abuse What will this cost the consumer?
tman70 Champion Author Georgia Posts:1,755 Points:733,075 Joined:Jul 2007	Message Posted: Sep 19, 2012 3:43:03 AM Ignore tman70 Report Abuse wow
Boo1989 Champion Author Atlanta Posts:7,170 Points:1,348,655 Joined:Oct 2008	Message Posted: Sep 19, 2012 3:42:58 AM Ignore Boo1989 Report Abuse "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe." steven chu, obama's energy secretary.
Racerbob Champion Author Rochester Posts:13,018 Points:2,482,530 Joined:Sep 2005	Message Posted: Sep 19, 2012 3:41:42 AM Ignore Racerbob Report Abuse Ha! Wait until the war starts over there. $10 a gallon will not unheard of.
lindact Champion Author New Haven Posts:8,731 Points:1,715,995 Joined:May 2008	Message Posted: Sep 19, 2012 3:40:27 AM Ignore lindact Report Abuse We shnuld be exporting less domestic oil.
ILVET Champion Author Illinois Posts:14,784 Points:2,924,415 Joined:Jan 2005	Message Posted: Sep 19, 2012 3:39:35 AM Ignore ILVET Report Abuse How much of this increase will be refined and then exported I wonder?
ec951 All-Star Author Riverside Posts:909 Points:381,515 Joined:Nov 2011	Message Posted: Sep 19, 2012 3:39:24 AM Ignore ec951 Report Abuse Ok.
4bobux Champion Author Peoria Posts:1,962 Points:409,230 Joined:Mar 2012	Message Posted: Sep 19, 2012 3:37:44 AM Ignore 4bobux Report Abuse if we only had some new refineries...
vamike Champion Author Virginia Posts:5,320 Points:1,363,975 Joined:Dec 2008	Message Posted: Sep 19, 2012 3:35:39 AM Ignore vamike Report Abuse They are all heart!
aburns20 Champion Author Virginia Beach Posts:3,256 Points:673,280 Joined:Dec 2010	Message Posted: Sep 19, 2012 3:34:16 AM Ignore aburns20 Report Abuse $100 a barrell is still too high!
hawkman1950 Champion Author Michigan Posts:2,615 Points:538,605 Joined:Aug 2010	Message Posted: Sep 19, 2012 3:33:28 AM Ignore hawkman1950 Report Abuse Good for them. Show me something else that has gone up 33% since June. Sure not anyones wages!!!!!!!!!!!!!!!!!!!!!!
BLWong Veteran Author Las Vegas Posts:436 Points:183,940 Joined:Mar 2012	Message Posted: Sep 19, 2012 3:32:45 AM Ignore BLWong Report Abuse all politics
FNB1967 Champion Author Ontario Posts:1,827 Points:765,145 Joined:Jan 2011	Message Posted: Sep 19, 2012 3:32:37 AM Ignore FNB1967 Report Abuse The price has been out of control for about 10 years. Wake up
mobil1MN All-Star Author Minnesota Posts:664 Points:1,294,635 Joined:Sep 2007	Message Posted: Sep 19, 2012 3:32:08 AM Ignore mobil1MN Report Abuse ok
Bonanza Champion Author Boston Posts:12,081 Points:2,550,030 Joined:Jun 2004	Message Posted: Sep 19, 2012 3:31:01 AM Ignore Bonanza Report Abuse Obozo doesn't want the price of oil to come down
twobroke61 Champion Author Michigan Posts:8,375 Points:1,587,985 Joined:Sep 2008	Message Posted: Sep 19, 2012 3:29:41 AM Ignore twobroke61 Report Abuse we need to drill our own oil and tell them to pack theirs
Tiput Champion Author Ottawa Posts:1,980 Points:461,125 Joined:Jul 2011	Message Posted: Sep 19, 2012 3:28:23 AM Ignore Tiput Report Abuse ok
Tru2psu2 Champion Author Winston-Salem Posts:14,470 Points:1,554,655 Joined:Feb 2004	Message Posted: Sep 19, 2012 3:25:52 AM Ignore Tru2psu2 Report Abuse Helps but we need to drill our own!
leeac Champion Author Ohio Posts:1,591 Points:432,930 Joined:Jan 2012	Message Posted: Sep 19, 2012 3:24:25 AM Ignore leeac Report Abuse Printing more dollars is reducing the value of the dollar which is the definition of inflation. Everything is costing more dollars.
Upyrs Champion Author Lansing Posts:14,272 Points:1,453,040 Joined:Feb 2009	Message Posted: Sep 19, 2012 3:23:52 AM Ignore Upyrs Report Abuse What more could the USA ask for from a great friend like saudi arabia, they now contribute $200 million a year to build mosques in the USA ! Plus the USA gets to spent $2 billion a year having our military in saudi arabia to act as their personal body guards. What a great country, all take and no give !
AvantiMick Champion Author Indiana Posts:12,737 Points:2,541,570 Joined:Dec 2005	Message Posted: Sep 19, 2012 3:22:03 AM Ignore AvantiMick Report Abuse The Saudis are worried that they'll start losing money!!
rbutterw Champion Author Raleigh Posts:1,175 Points:292,525 Joined:Mar 2012	Message Posted: Sep 19, 2012 3:20:07 AM Ignore rbutterw Report Abuse Sure, let's send even more % to OPEC - what a crock.
Rednix Champion Author Miami Posts:6,148 Points:1,273,785 Joined:Jul 2009	Message Posted: Sep 19, 2012 3:19:48 AM Ignore Rednix Report Abuse I kind of like the Saudi's sometimes.
rjd1608 Champion Author Toledo Posts:5,356 Points:1,929,030 Joined:Aug 2003	Message Posted: Sep 19, 2012 3:18:37 AM Ignore rjd1608 Report Abuse good
jcdakota Champion Author Baltimore Posts:1,347 Points:361,345 Joined:Nov 2010	Message Posted: Sep 19, 2012 3:14:46 AM Ignore jcdakota Report Abuse Someone is thinking about the prices!!!!
Ziggy1962 Champion Author New Jersey Posts:5,741 Points:1,809,710 Joined:Aug 2006	Message Posted: Sep 19, 2012 3:14:06 AM Ignore Ziggy1962 Report Abuse Nice.