Article

2011-02-22 Arabia

Saudis say world has enough oil as Libya in ferment

[Arab News] World markets have plenty of oil, the Kingdom said on Monday, as a wave of revolution that has already toppled two presidents tightened its grip on OPEC member Libya and drove prices to a 2-1/2 year-high.

Energy ministers arrived in Riyadh on the eve of talks designed to narrow the gap between producer and consumer nations.

The formal agenda could be overwhelmed by concern anti-government protests will drive oil prices still higher.

Oil on Monday climbed above $106 as energy firms recalled international staff from Libya and spreading unrest shut down some 100,000 barrels per day (bpd) of production there.

It was the first output disruption since popular unrest erupted in Tunisia, ousting its president, before spreading to Egypt, where it unseated Hosni Mubarak after 30 years of rule.

Libyan leader Muammar Qadaffy's four-decade-rule also appeared in jeopardy as protests reached the capital Tripoli for the first time.

Saudi Oil Minister Ali Al-Naimi will open proceedings at the International Energy Forum with a speech on Tuesday, but declined to comment to news hounds on Monday.

His deputy, Prince Abdulaziz bin Salman Al-Saud, told a news conference on Monday the market had plenty of oil.

"We're much more focused on how the market balance is, is it sufficiently supplied? And the answer is 'yes, abundantly,' therefore does the situation warrant any kind of intervention? I don't think so," he said.

He also reiterated the long-held Saudi view $70-$80 was the fair price for oil.

"It is justified because it enables producers to invest, it is justified because it does not harm consumers."

Even though oil prices are well above those levels, OPEC ministers have repeatedly said the market has enough supply and the Organization of the Petroleum Exporting Countries has no plans to meet formally to reassess output until June.

Posted by Fred 2011-02-22 00:00|| || Front Page|| [9 views ] Top

#1 In a way, he has a point, although he might not know it. If we want oil that badly we _could_ drill for it ourselves.

Posted by Thing From Snowy Mountain 2011-02-22 00:19|| 2011-02-22 00:19|| Front Page Top

#2 TOPIX > OIL INDUSTRY FEAR SPREAD OF LIBYA UNREST.

Personally, I'm more interested in World Perts, Govts-Nations reaching a UNIVERSAL CONSENSUS ON THE ISSUE OF PEAK OIL, FOOD, RESOURCES. ETC.

WHY?, you say...

Wehell,

To wit,

* SAME > SCIENTISTS: PLANET MAY BE
"UNRECOGNIZABLE" IN 2050.

"CAUSE", LET ME INTRODUCE THEE TO [one]"EFFECT".

Our future OWG-NWO is gonna look silly, to be POLITE, iff the World wakes up one day before 2050 + discovers Earth has naturally SUDDENLY run out of everything.

Posted by JosephMendiola 2011-02-22 02:34|| 2011-02-22 02:34|| Front Page Top

#3 Reuters reports this AM that 'Libya's oil terminals are blocked.' Libya also supplies 10% of Italy's natural gas needs through an undersea pipeline that is still flowing at the moment. Libya usually produces 1.9% of world oil production.

Posted by Anguper Hupomosing9418 2011-02-22 08:39|| 2011-02-22 08:39|| Front Page Top

#4 "Peak oil"? Yeah, right. The world won't run out of oil anytime soon. The cassandras of the world have been predicting the depletion of oil supplies within the first decades of oil being discovered.

Meanwhile, while they're still pushing out the oil, the Saudis are developing "civil" nuclear power with France. The Saudi cover story is they expect a long-term energy shortage, which is clearly at odds with their public statements about their ability to supply the world with oil.

See: http://moneyjihad.wordpress.com/2011/02/22/lenergie-nucleaire-for-saudis-bin-ladens/

Posted by American Delight 2011-02-22 08:49|| http://moneyjihad.wordpress.com/ 2011-02-22 08:49|| Front Page Top

#5 Two young Oklahoma wildcaters headed home from a double date with some farm girls stopped off on a creek bridge to finish off a bottle. Not knowing where to drill, they decided to pitch the bottle through the brush and come back the next day to lease the spot where the bottle landed. The year was 1906. The Shire Lease was drilled and the Southern Illinois oil patch boom began. The well is still pumping today.

Posted by Besoeker 2011-02-22 09:24|| 2011-02-22 09:24|| Front Page Top

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