Wednesday, March 30, 2011

Saudi scrambles to maintain spare oil capacity

New rigs will help maintain Saudi oil production. That's MAINTAIN, not expand. Given that we don't know what else may happen politically in oiland, and that the dollar continues to weaken, I'd say this is bullish for oil prices._____________________________________________________________ Two Saudi officials told Reuters on Tuesday that the extra rig activity would maintain rather than increase the kingdom's oil capacity. It completed a multi-year expansion in 2009 meant to boost spare capacity by more than 3 million barrels per day. Click here for the story.

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Nick Sorrentino is the Editor of The Liberty and Economics Review and CEO of a social media management company.