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  • bobswarki970 bobswarki970 Feb 24, 2011 3:22 PM Flag

    OIL PRICE TO COLLAPSE....SAUDI TO MAKE UP FOR LIBYA OIL.....MARKETS TO EXPLODE

     

    PLACE YOUR BETS....THE ONLY REASON ITS AT THIS RIDICULOUS PRICR IS BECAUSE OF THE LIBYA SHORT-TERM NON-SENSE

    Oil lost in Libya may be replaced by Saudi Arabia -- report
    cnnmoney


    Steve Hargreaves, senior writer, On Thursday February 24, 2011, 1:45 pm EST

    Markets around the world are wondering if oil-rich Saudi Arabia is serious about boosting its production to calm surging prices in the wake of continued upheaval in Libya.

    The Saudis are said to be talking with refiners in Europe about what kind of oil they need to replace the lost Libyan production, according to the Financial Times, citing unnamed officials in the Saudi oil ministry.

    If true, the move should calm oil markets, which have surged over the last couple of days.

    Saudi Arabia holds the bulk of OPEC's spare oil capacity.

    Oil in Libya was still flowing Monday, but oil markets were already nervous. U.S. crude prices surged more than 6% that day.

    "Such blunt comments are atypical, especially...where the Saudis would usually wish to provide reassurance," Greg Priddy, an oil analyst at Eurasia Group, wrote in a research note Tuesday. The comments "hint at internal discord which could delay a Saudi output response to a disruption from Libya."

    OPEC's official position has been that it stands at the ready to increase production in the event of a disruption.

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