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The five nations — the United States, China, Japan, India and South Korea — differed, however, on how urgently oil subsidies should be phased out, with Washington backing bold movement while India and China warned of political and economic instability.
Cabinet ministers from the five countries, which account for more than half the world's consumption of energy, agreed that the sharp surge in oil prices was a menace to the world economy, and that more petroleum should be produced to meet rising demand.
Shura member calls for oil production curbs in Saudi
Saudi Arabia's Shura council (parliament) will hold a series of meetings over the next two weeks to discuss a controversial proposal by a key member to curb oil production to save reserves for better prices, Saudi media reported. The council will listen to a report by deputy chairman of the Shura water and public utilities committee, Salim bin Rashid Al Marri, who will argue for cutting crude supplies to maintain the Kingdom's underground reserves.....
....."The level of oil production in Saudi Arabia must be linked to the country's actual development and financial needs not to market prices and the need of foreign consumer. It is not wise to sap this resource just to satisfy the demand of foreign markets. Full Text
These 'consumers' seem to think that just producing more will fix all of their problems.
Originally posted by HimWhoHathAnEar
Please do feel free to drop that video link in any thread you want to. Make it your own. People need to understand what's happening.
originally posted by Scramjet76
What about more production to ease current prices as a temporary solution....
Global Crude Oil Production Dropped in 2007, BP Says
Crude oil production dropped 0.2 percent to 81.533 million barrels a day last year....
Global oil consumption rose 1.1 percent to 85.22 million barrels a day last year.... Full Text