UN chief: Saudi Arabia to boost oil production
QUOTE
Farhan Haq, a spokesman who is traveling with Ban, said in an e-mail that the U.N. chief said al-Naimi told him Saudi Arabia would increase oil production by 200,000 barrels a day from June to July. In May, the kingdom increased its production by 300,000.
1. Either the Saudis realize that with the increase in oil prices, alternative fuels would be researched and hence become more popular, resulting in a long term loss to them. Or they felt the pressure from President Bush's trip.
2. If neither of the above are true, and they genuinely increased the supplies to help offset the high prices to a certain degree, which is exactly the point I had raised earlier on a different thread while discussing certain issues with SaudiArabian, I am thankful to the Sheikhs for their decision.
Either way, I stand corrected, and SaudiArabian please accept my apologies on this issue.
Rest of the issues, lets leave them for another day.
