Saudis to Lift Oil Production

[dollardaze]

Saudi Arabia, is planning to increase its oil production by about one-half million barrels per day. Which would be up to 10 million barrels per day, the highest production ever.


Susan Walsh/Associated Press
King Abdullah has called a meeting to address the causes of the oil price rally

Saudi Arabia, the world’s biggest oil exporter, is planning to increase
its output next month by about a half-million barrels a day, according to analysts and oil traders who have been briefed by Saudi officials.

By JAD MOUAWAD

According to this article, the high price at the pumps is either the low supplies of oil, or the weak dollar.If the price of gasoline is due to more demand than supply, this could bring the price down. If the high price is due to the weak dollar, then it won't help much. Let's hope that the increase in oil supplies will do the trick.

Saudis to Lift Oil Production