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GasBuddy News Article

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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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Author Topic: Saudis offer extra oil to control prices Back to Topics
REPLIES (newest first) Post a Reply
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jrs4125
Champion Author Indiana

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Message Posted: Sep 20, 2012 6:25:03 AM

Saudis are not the major factor in the consumer getting gouged at the pump.
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remay
Champion Author Houston

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Message Posted: Sep 20, 2012 6:17:28 AM

Isn't that nice of them.
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spiderjay
Champion Author Little Rock

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Message Posted: Sep 19, 2012 5:19:34 PM

$69- would be nice
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heydano67
Champion Author California

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Message Posted: Sep 19, 2012 11:28:26 AM

Thanks for the help
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deputydog082
Champion Author Detroit

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Message Posted: Sep 19, 2012 8:28:08 AM

even they know prices are crazy!
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merlinCO
Champion Author Colorado

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Message Posted: Sep 19, 2012 7:55:01 AM

The Saudis control the output and the Futures Market....what nice people. Maybe Cheney and Bush need to contribute as well.
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scu227
Champion Author New Haven

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Message Posted: Sep 19, 2012 7:39:38 AM

Just eliminate the speculators and everything would be fine.
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Dr Gas
Champion Author Twin Cities

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Message Posted: Sep 19, 2012 7:30:35 AM

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!
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badbonita
Champion Author Syracuse

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Message Posted: Sep 19, 2012 7:19:51 AM

The speculators won't let the price go down - they're enjoying the big profits they've been getting.
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dandvicb
Champion Author Bridgeport

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Message Posted: Sep 19, 2012 5:20:59 AM

good, just don't let the speculators near the oil!!
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EvergreenON
Champion Author Ontario

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Message Posted: Sep 19, 2012 5:06:33 AM

Good move
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Jeffro61
Champion Author Cleveland

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Message Posted: Sep 19, 2012 5:02:55 AM

Stabilize the market by getting rid of the speculators.
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kirzon484
Champion Author Atlanta

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Message Posted: Sep 19, 2012 5:01:14 AM

k
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LeeFree
Champion Author Pittsburgh

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Message Posted: Sep 19, 2012 5:00:57 AM

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.
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oas
Champion Author Maryland

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Message Posted: Sep 19, 2012 4:54:12 AM

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.
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Petrock
Champion Author Lexington

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Message Posted: Sep 19, 2012 4:50:59 AM

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.
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jcurley
Champion Author California

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Message Posted: Sep 19, 2012 4:49:39 AM

I guess they don't want to scare us into expanding our demand for non-gas burning engines in our cars and trucks.
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Hop1LA
Champion Author Baton Rouge

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Message Posted: Sep 19, 2012 4:47:44 AM

Dealers know when addict is in trouble.
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Dailyrun
Champion Author Kentucky

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Message Posted: Sep 19, 2012 4:47:24 AM

They need to be very worried.
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bustermoves
Champion Author Fort Worth

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Message Posted: Sep 19, 2012 4:47:05 AM

ok
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jeff95519
Champion Author California

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Message Posted: Sep 19, 2012 4:46:50 AM

drill baby drill
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pkhdonovan
Champion Author Maine

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Message Posted: Sep 19, 2012 4:46:14 AM

I don't trust their motives.
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WR-INC
Champion Author Twin Cities

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Message Posted: Sep 19, 2012 4:46:02 AM

$100 is also too high. Produce more domestically.
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Beau2140
Champion Author New York

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Message Posted: Sep 19, 2012 4:43:41 AM

Maybe it will help.
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pfone1847
Champion Author Illinois

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Message Posted: Sep 19, 2012 4:43:38 AM

What will this cost the consumer?
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tman70
Champion Author Georgia

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Message Posted: Sep 19, 2012 4:43:03 AM

wow
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Boo1989
Champion Author Atlanta

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Message Posted: Sep 19, 2012 4:42:58 AM

"Somehow we have to figure out how to boost the price of gasoline to the levels in Europe." steven chu, obama's energy secretary.

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Racerbob
Champion Author Rochester

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Message Posted: Sep 19, 2012 4:41:42 AM

Ha! Wait until the war starts over there. $10 a gallon will not unheard of.
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lindact
Champion Author New Haven

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Message Posted: Sep 19, 2012 4:40:27 AM

We shnuld be exporting less domestic oil.
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ILVET
Champion Author Illinois

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Message Posted: Sep 19, 2012 4:39:35 AM

How much of this increase will be refined and then exported I wonder?
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ec951
All-Star Author Riverside

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Message Posted: Sep 19, 2012 4:39:24 AM

Ok.
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4bobux
Champion Author Peoria

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Message Posted: Sep 19, 2012 4:37:44 AM

if we only had some new refineries...
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vamike
Champion Author Virginia

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Message Posted: Sep 19, 2012 4:35:39 AM

They are all heart!
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aburns20
Champion Author Virginia Beach

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Message Posted: Sep 19, 2012 4:34:16 AM

$100 a barrell is still too high!
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hawkman1950
Champion Author Michigan

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Message Posted: Sep 19, 2012 4:33:28 AM

Good for them. Show me something else that has gone up 33% since June. Sure not anyones wages!!!!!!!!!!!!!!!!!!!!!!
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BLWong
Veteran Author Las Vegas

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Message Posted: Sep 19, 2012 4:32:45 AM

all politics
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FNB1967
Champion Author Ontario

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Message Posted: Sep 19, 2012 4:32:37 AM

The price has been out of control for about 10 years. Wake up
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mobil1MN
All-Star Author Minnesota

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Message Posted: Sep 19, 2012 4:32:08 AM

ok
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Bonanza
Champion Author Boston

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Message Posted: Sep 19, 2012 4:31:01 AM

Obozo doesn't want the price of oil to come down
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twobroke61
Champion Author Michigan

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Message Posted: Sep 19, 2012 4:29:41 AM

we need to drill our own oil and tell them to pack theirs
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Tiput
Champion Author Ottawa

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Message Posted: Sep 19, 2012 4:28:23 AM

ok
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Tru2psu2
Champion Author Winston-Salem

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Message Posted: Sep 19, 2012 4:25:52 AM

Helps but we need to drill our own!
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leeac
Champion Author Ohio

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Message Posted: Sep 19, 2012 4:24:25 AM

Printing more dollars is reducing the value of the dollar which is the definition of inflation. Everything is costing more dollars.
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Upyrs
Champion Author Lansing

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Message Posted: Sep 19, 2012 4:23:52 AM

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 !
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AvantiMick
Champion Author Indiana

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Message Posted: Sep 19, 2012 4:22:03 AM

The Saudis are worried that they'll start losing money!!
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rbutterw
Champion Author Raleigh

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Message Posted: Sep 19, 2012 4:20:07 AM

Sure, let's send even more % to OPEC - what a crock.
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Rednix
Champion Author Miami

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Message Posted: Sep 19, 2012 4:19:48 AM

I kind of like the Saudi's sometimes.
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rjd1608
Champion Author Toledo

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Message Posted: Sep 19, 2012 4:18:37 AM

good
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jcdakota
Champion Author Baltimore

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Message Posted: Sep 19, 2012 4:14:46 AM

Someone is thinking about the prices!!!!
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Ziggy1962
Champion Author New Jersey

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Message Posted: Sep 19, 2012 4:14:06 AM

Nice.
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