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Saudis pledge to hit record oil production as unrest spreads

- Temporary measures. Temporary measures. So they open the taps and more oil flows. So what?

- Demand will keep rising so long as we do not convert to other forms of energy. The Saudis will try to help us now in the short term, but, in the long run, so long as supplies are finite and demand continues to rise, the conclusion will always be the same. It’ll be ground-hog day again and again. It’s just a matter of ‘when’.

= = =

Saudi Arabia will raise oil production to record levels within weeks in an attempt to avert an escalation of social and political unrest around the world. King Abdullah signalled the commitment to the UN secretary general Ban Ki-moon at the weekend after the impact of skyrocketing oil prices on food sparked protests and riots from Spain to South Korea.

By next month the Saudis are expected to be pumping an extra half-a-million barrels of oil a day, bringing total Saudi production to 9.7 million barrels a day, their highest ever level.

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This entry was posted on Tuesday, June 17th, 2008 at 9:09 pm and is filed under CrashBlogging, Peak Oil, Social Breakdown, The Perfect Storm. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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