Saudi Arabia Oil Prodiction Increase–CIA’s Petraeus
Some Wall St. forecasters have predicted oil prices could rise as high as $150 a barrel if Iran closes the Strait of Hormuz in retaliation for sanctions from the US and EU nations. The sanctions are an economic attempt to…
Some Wall St. forecasters have predicted oil prices could rise as high as $150 a barrel if Iran closes the Strait of Hormuz in retaliation for sanctions from the US and EU nations. The sanctions are an economic attempt to get Iran to shut down its nuclear arms development program.
The value of oil, however, may be held down by that plans of Saudi Arabia, the world’s largest oil producer, to ramp up production.
According to Reuters
Saudi Arabia’s oil production appears to be “ramping up” and can fill some of the demand shortfalls caused by sanctions on Iranian exports, CIA Director David Petraeus said on Tuesday.
But, some estimates are that 20% of the world’s oil goes through the Strait. If so, Saudi Arabia can’t offset that
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