Saudis Slash Oil Output; Say Market Oversupplied
Saudi Arabia's oil minister said on Sunday the kingdom had slashed output by 800,000 barrels per day in March due to oversupply, sending the strongest signal yet that OPEC will not act to quell soaring prices.
Consumers have urged the exporters' group to pump more crude to put a cap on oil, which surged to more than $127 a barrel this month, its highest level in 2 1/2 years amid unrest in North Africa and the Middle East.
Oil Ministers from Kuwait and the United Arab Emirates echoed Saudi Arabia's Ali al-Naimi's concerns about oversupply and said rocketing crude prices were out of the hands of OPEC, which next meets in June.
Read Full Article http://www.cnbc.com/id/42637280
rydher wrote:I was just going to post this in a thread of mine about the S&P downgrading the US credit outlook. Are they connected somehow? Only time will tell.
I like you your one of the good guys
I can also tell you with 100% certainty that the cost is passed onto the consumer.
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