Saudi Arabia Boosts Oil Production, Prices 'Retreat'
Filed under: Financial Crisis, Investing
In response to the disruption of oil supply stemming from the civil unrest in Libya, Saudi Arabia has quietly increased its oil output to more than 9 million barrels per day (bpd). That's an increase of 700,000 bpd from Saudi Arabia's estimated 8.3 million bpd in January.The price of crude oil reached almost $120 a barrel yesterday, but had dropped to $111.38 earlier today.
Real Disruption to Supply
It seems like just a few weeks ago that we were on the edge of our seats because oil was approaching $90 a barrel. Oh, that's right. It was. Last month's civil unrest in Tunisia saw oil prices rise rapidly, then fall again to slightly more comfortable levels. At that time, the Organization of Oil Exporting Countries (OPEC) said they would not change their output quotas because there was no issue with supply.
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