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Saudis offer extra oil to control prices

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posted on Sep, 18 2012 @ 10:05 PM
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Saudis offer extra oil to control prices


edition.cnn.com

(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 hig
(visit the link for the full news article)




posted on Sep, 18 2012 @ 10:05 PM
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What??????
What is really going on here,I mean,c'mon,the saudis are worried about the price of oil and the global economy?
Are they getting scared and wanting more protection from the US and it's allies?


I think my head is spinning.

I think something is amiss,but it's probably just me.


What are your thoughts on this.

edition.cnn.com
(visit the link for the full news article)



posted on Sep, 18 2012 @ 10:11 PM
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The Saudis have done this a few times before. It works sometimes and other times is doesn't. The speculators will just start other rumors so they can bring the price back up to make even more profits. Oil speculators never lose money, they don't sell it cheaper than they bought it for.



posted on Sep, 18 2012 @ 10:19 PM
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Originally posted by kdog1982
Are they getting scared and wanting more protection from the US and it's allies?


China is now officially the Saudi's largest customers. If they are running scared let China come running.....



posted on Sep, 18 2012 @ 10:21 PM
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reply to post by rickymouse
 


Exactly, also Venezuela as the top 4 US supplier has done offers to the US, but as usual people have the wrong idea due to propaganda the middle east gets to be blamed for the oil problems and prices, when the US major supplier of oil is Canada first, Mexico second and third is Saudi Arabia.

Like you said speculators control the prices, specially in the US markets.

Propaganda is such a powerful tool.


edit on 18-9-2012 by marg6043 because: (no reason given)



posted on Sep, 18 2012 @ 10:23 PM
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It's "three card monte" on a global scale - and now that the world is destabilizing, the guilty want to do a bit of spin and image reconstruction to keep themselves out of the eye of public rage.

My .02 cents.

This is PR.

~Heff



posted on Sep, 18 2012 @ 10:28 PM
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Originally posted by Hefficide

It's "three card monte" on a global scale - and now that the world is destabilizing, the guilty want to do a bit of spin and image reconstruction to keep themselves out of the eye of public rage.

My .02 cents.

This is PR.

~Heff


Playing the good guy card,so to speak.
Then they are going to play the "can we have more war planes" card in exchange for " we will give you candy from the creepy van" card.



posted on Sep, 18 2012 @ 10:29 PM
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reply to post by SLAYER69
 


China has holdings on Angola and many other nations like Nigeria, but like you said right now Saudi Arabia top Angola by just a minimal margin and fluctuates back and forward.



posted on Sep, 18 2012 @ 10:41 PM
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Originally posted by kdog1982


What??????
What is really going on here,I mean,c'mon,the saudis are worried about the price of oil and the global economy?
Are they getting scared and wanting more protection from the US and it's allies?



It has been happening since OPEC was formed - indeed the Saudi ability to vary their output to maintain an oil price was one of the cornerstones of OPEC - they had enough spare capacity then so that other member countries could literally produce as much oil as they wanted, and the Saudis would "take up the slack" - but just enough to ensure a decent oil price.

this was standard teaching at Econ 101 level in the 1980's!

And as recently as oh...the mid 1990's (??) the Saudi's were supposedly keen on keeping oil at about US$25 ppb IIRC - a higher price being thought to depress the world economy so much that they would actually lose revenue.

since those early days of OPEC production has increased and many OPEC countries have reneged on production agreements made from time to time, but AFAIK the basis remains.

It isn't new.



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