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Saudi Arabia cuts oil output as US production grows, official says

Bangor Daily News -- MANAMA, Bahrain — Saudi Arabia, the world’s largest crude exporter, reduced production to the lowest in 19 months as booming U.S. output and recovering shipments from Iraq threaten to oversupply the global oil market, a Gulf official said.

Production fell 4.9 percent to 9.025 million barrels a day in December, according to the person with knowledge of the kingdom’s energy policy. The 465,000-barrel cut is the largest monthly drop since November 2008, when Saudi Arabia and other OPEC members slashed supplies amid a global recession.

Brent crude futures Thursday advanced as much as $1.53, or 1.4 percent, to a three-month high of $113.29 a barrel on the ICE Futures Europe exchange in London. Banks and consultants including Societe Generale, the Centre for Global Energy Studies and Jadwa Inv

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Submitted Jan 11, 2013 By: bar1035

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honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Jan 14, 2013 12:08:04 AM Ignore honda0105 Report Abuse Saudi Arabia is still the one with the highest oil reserves. Like it or not.
1fulltank Champion Author Buffalo Posts:7,908 Points:1,545,285 Joined:Nov 2008	Message Posted: Jan 13, 2013 6:14:57 AM Ignore 1fulltank Report Abuse Retread.
gravityhurts Champion Author North Carolina Posts:4,098 Points:938,480 Joined:Sep 2008	Message Posted: Jan 12, 2013 7:32:31 AM Ignore gravityhurts Report Abuse OPEC HAS BEEN IN THE DRIVERS SEAT LONG ENOUGH, BYE OPEC.
gobux10 Champion Author Ohio Posts:3,179 Points:680,935 Joined:Mar 2010	Message Posted: Jan 12, 2013 6:04:22 AM Ignore gobux10 Report Abuse Just trying to keep their price up by limiting demand
52MPG Champion Author Dayton Posts:7,267 Points:1,742,680 Joined:Apr 2006	Message Posted: Jan 12, 2013 5:00:26 AM Ignore 52MPG Report Abuse It will be nice if they have to cut t to zero.
NedW Champion Author Indianapolis Posts:5,620 Points:1,143,220 Joined:Mar 2008	Message Posted: Jan 12, 2013 4:59:09 AM Ignore NedW Report Abuse Ditto, jrs4125.
jrs4125 Champion Author Indiana Posts:2,763 Points:592,720 Joined:Sep 2011	Message Posted: Jan 12, 2013 4:20:25 AM Ignore jrs4125 Report Abuse Must keep the crude price high.
SkooterG Champion Author Phoenix Posts:1,359 Points:329,335 Joined:May 2012	Message Posted: Jan 12, 2013 3:43:20 AM Ignore SkooterG Report Abuse At least they are having to cut their own profits.
1fulltank Champion Author Buffalo Posts:7,908 Points:1,545,285 Joined:Nov 2008	Message Posted: Jan 12, 2013 2:27:35 AM Ignore 1fulltank Report Abuse Well, when you get used to making billions...
NOTSOGRN Champion Author Michigan Posts:2,059 Points:1,512,200 Joined:Dec 2007	Message Posted: Jan 12, 2013 2:10:00 AM Ignore NOTSOGRN Report Abuse . . A fresh link to article here: Saudi Arabia cuts oil output as US production grows, official says
Palantas All-Star Author Indianapolis Posts:803 Points:414,445 Joined:Sep 2011	Message Posted: Jan 12, 2013 12:45:50 AM Ignore Palantas Report Abuse I see.
Focus2 Champion Author Illinois Posts:7,892 Points:1,919,340 Joined:Mar 2006	Message Posted: Jan 12, 2013 12:40:05 AM Ignore Focus2 Report Abuse You won't see $2 gasoline because the refineries here know you will pay $3 to $4 without protesting!
crreed1 Champion Author West Virginia Posts:1,990 Points:2,527,310 Joined:May 2005	Message Posted: Jan 12, 2013 12:36:28 AM Ignore crreed1 Report Abuse there goes the gas prices
medic319 All-Star Author Akron Posts:733 Points:247,235 Joined:Mar 2012	Message Posted: Jan 12, 2013 12:34:52 AM Ignore medic319 Report Abuse Maybe we should slow production of military hardware that we sell to the Saudis
HEBster Champion Author Kentucky Posts:8,793 Points:2,375,000 Joined:May 2006	Message Posted: Jan 12, 2013 12:34:26 AM Ignore HEBster Report Abuse Gotta keep up that $3/gallon mindset...
Zonk Champion Author Michigan Posts:6,486 Points:2,102,990 Joined:Oct 2005	Message Posted: Jan 12, 2013 12:33:33 AM Ignore Zonk Report Abuse The Saudi's want to keep oil prices high.
Harry813 Champion Author Iowa Posts:3,005 Points:662,165 Joined:Jul 2011	Message Posted: Jan 12, 2013 12:32:33 AM Ignore Harry813 Report Abuse I'll agree to that !
Settjec Champion Author Little Rock Posts:1,984 Points:687,970 Joined:May 2010	Message Posted: Jan 12, 2013 12:31:16 AM Ignore Settjec Report Abuse That's to simple "rahcat"
silverfoxv65 Champion Author Michigan Posts:4,485 Points:1,230,875 Joined:Sep 2009	Message Posted: Jan 12, 2013 12:31:10 AM Ignore silverfoxv65 Report Abuse They lie so much that you do not know what to believe.
rahcat Champion Author Grand Rapids Posts:2,473 Points:663,925 Joined:Jan 2010	Message Posted: Jan 12, 2013 12:30:26 AM Ignore rahcat Report Abuse Why not trade them Obama to keep oil output high?
Toppers Champion Author Atlanta Posts:9,017 Points:2,471,670 Joined:Mar 2005	Message Posted: Jan 12, 2013 12:29:01 AM Ignore Toppers Report Abuse Trying to keep supply down...
PissedATthePump All-Star Author Pennsylvania Posts:507 Points:119,580 Joined:May 2012	Message Posted: Jan 12, 2013 12:25:11 AM Ignore PissedATthePump Report Abuse Just keeping supply lower than demand.
heartbroken2010 Champion Author Ottawa Posts:4,349 Points:898,510 Joined:Aug 2010	Message Posted: Jan 12, 2013 12:24:50 AM Ignore heartbroken2010 Report Abuse ok , i dont get this. if there is 'oversupply" why are prices spiking on any given day of the week ?
viperND Champion Author South Bend Posts:3,315 Points:736,915 Joined:Apr 2011	Message Posted: Jan 12, 2013 12:24:30 AM Ignore viperND Report Abuse bah
10k Champion Author North Carolina Posts:21,259 Points:2,254,995 Joined:May 2006	Message Posted: Jan 12, 2013 12:24:23 AM Ignore 10k Report Abuse goody-now big oil has a reason to jump 25¢ every week for a month.. chuckwthompson: i agree 100%.. [Edited by: 10k at 1/12/2013 12:25:16 AM EST]
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Jan 12, 2013 12:23:58 AM Ignore tedjm1 Report Abuse Someone needs higher prices?
chuckwthompson Champion Author Charlotte Posts:3,755 Points:577,960 Joined:Sep 2011	Message Posted: Jan 12, 2013 12:22:56 AM Ignore chuckwthompson Report Abuse Screw Sauda Arabia and the camel they rode in on!
uglytom Champion Author Florida Posts:7,464 Points:1,542,015 Joined:Jul 2007	Message Posted: Jan 12, 2013 12:21:40 AM Ignore uglytom Report Abuse Let's keep their oil in the ground!
4warned Champion Author Michigan Posts:5,814 Points:2,163,835 Joined:Nov 2006	Message Posted: Jan 12, 2013 12:21:06 AM Ignore 4warned Report Abuse Sounds like there trying to drive prices up.
Bigwaynef Champion Author South Carolina Posts:11,480 Points:2,081,735 Joined:Dec 2006	Message Posted: Jan 12, 2013 12:20:45 AM Ignore Bigwaynef Report Abuse OH boy another excuse to raise prices on gas...
regout Champion Author Quebec Posts:2,955 Points:832,705 Joined:May 2010	Message Posted: Jan 12, 2013 12:20:40 AM Ignore regout Report Abuse Well, USA could keep there oil until SA have no more oil.
unicornpmb Champion Author Buffalo Posts:8,496 Points:1,630,490 Joined:Sep 2005	Message Posted: Jan 12, 2013 12:17:37 AM Ignore unicornpmb Report Abuse Too bad.
jkpsr Champion Author New Jersey Posts:4,084 Points:1,102,880 Joined:Jun 2005	Message Posted: Jan 12, 2013 12:15:59 AM Ignore jkpsr Report Abuse They need to keep oil prices high
skb69sa Champion Author San Antonio Posts:3,492 Points:712,350 Joined:Mar 2011	Message Posted: Jan 12, 2013 12:15:08 AM Ignore skb69sa Report Abuse Keep away from OPEC and the Arab world.
TIGERPAW46 Champion Author Florida Posts:7,131 Points:1,356,655 Joined:Mar 2004	Message Posted: Jan 12, 2013 12:15:00 AM Ignore TIGERPAW46 Report Abuse Saudi will just save the extra until the price is higher. The Shale oil people are just waiting to get Washington approval To Export, once they can arrange the distribution to the ports. Then they will raise their prices also.
Jmac2008 Champion Author Missouri Posts:2,279 Points:882,115 Joined:Dec 2008	Message Posted: Jan 12, 2013 12:14:35 AM Ignore Jmac2008 Report Abuse anything to keep the price high and gouge the average american.
judgemobile Champion Author Ohio Posts:7,575 Points:2,446,110 Joined:Nov 2005	Message Posted: Jan 12, 2013 12:12:18 AM Ignore judgemobile Report Abuse tell all Arabs: ONE bushel of wheat for ONE barrel of oil. They need our food far more than we need their oil.
Chris46 Champion Author Dayton Posts:23,676 Points:2,082,395 Joined:Sep 2005	Message Posted: Jan 12, 2013 12:11:59 AM Ignore Chris46 Report Abuse We've got them shaking in their boots! Wait, do Arabs wear boots?
boatfloyd Champion Author Jacksonville Posts:1,723 Points:388,950 Joined:Mar 2012	Message Posted: Jan 12, 2013 12:11:53 AM Ignore boatfloyd Report Abuse I knew they would figure out how to keep the price up :).
FlyNFool Champion Author South Carolina Posts:8,244 Points:1,685,950 Joined:Aug 2008	Message Posted: Jan 12, 2013 12:11:16 AM Ignore FlyNFool Report Abuse Maybe they are getting the hint!
naspa Champion Author Cleveland Posts:1,276 Points:353,125 Joined:Jan 2012	Message Posted: Jan 12, 2013 12:10:39 AM Ignore naspa Report Abuse I hope they run out of oil alltogether. If I knew where the gasoline is from when I gass up I would be very selective.
joel27nc Champion Author Raleigh Posts:10,542 Points:1,859,345 Joined:Mar 2008	Message Posted: Jan 12, 2013 12:10:33 AM Ignore joel27nc Report Abuse Keep oil coming
stratlinetime Champion Author Kalamazoo Posts:2,286 Points:564,810 Joined:Feb 2011	Message Posted: Jan 12, 2013 12:10:32 AM Ignore stratlinetime Report Abuse Why is the price still going up?
melvindale Champion Author Michigan Posts:1,438 Points:351,230 Joined:Jun 2011	Message Posted: Jan 12, 2013 12:09:17 AM Ignore melvindale Report Abuse Truth or OPEC move?
jcpatriots Champion Author Massachusetts Posts:3,898 Points:600,220 Joined:Sep 2011	Message Posted: Jan 12, 2013 12:08:05 AM Ignore jcpatriots Report Abuse Figures. Can't have prices go below $3...
Blue_Cruzer Champion Author Lexington Posts:7,525 Points:1,670,560 Joined:Mar 2007	Message Posted: Jan 12, 2013 12:06:26 AM Ignore Blue_Cruzer Report Abuse Keeping supply tight.
jdevlin All-Star Author Ontario Posts:798 Points:1,379,720 Joined:Sep 2008	Message Posted: Jan 12, 2013 12:05:09 AM Ignore jdevlin Report Abuse ok
cheaper0ON All-Star Author Ontario Posts:988 Points:399,030 Joined:Jan 2012	Message Posted: Jan 12, 2013 12:04:39 AM Ignore cheaper0ON Report Abuse Ok.
wshokie12 Champion Author Winston-Salem Posts:1,325 Points:217,535 Joined:Aug 2012	Message Posted: Jan 12, 2013 12:04:07 AM Ignore wshokie12 Report Abuse Well
PrinceLH Champion Author Ontario Posts:2,697 Points:539,020 Joined:Jun 2011	Message Posted: Jan 12, 2013 12:03:33 AM Ignore PrinceLH Report Abuse That's right!