No Immediate Solution from the Oil Summit
Any hopes that the oil summit held in Saudi Arabia would slow prices ended when Saudis increased their production in only 200,000 barrels a day, with a vague promise that it will pump more if needed.
“There was really nothing in this meeting that will give immediate relief to consumers.” said Peter Beutel, President of Cameron Hanover.
The Saudis said that 2.5 million more barrels a day could be available, but specialists say that that level of production could take years.
The market is very disappointed that the Saudis do not have an immediate new supplies and the market is now questioning how much oil Saudi Arabia really have.
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