29 Apr '11, 3pm

#peakoil More on the Saudi's slash of oil output: In other words, Mr. Horsnell is saying that…

Soon after we posted the piece on April 18 regarding the report from the Saudi Oil Minister, Ali al-Naimi, we discovered an article we'd clipped from the Oil & Gas Journal , sourced from the Oil & Gas Journal Online , dated March 28 (two days before the President's energy speech). So, this March 28 article actually contained the news of the "output cut", which Mr. Naimi re-delivered on April 18. The article quotes Barclays Capital managing director Paul Horsnell, and he paints a far different picture of the worldwide supply, demand and capacity issues than did Mr. Naimi: "Saudi Arabia's production is estimated at 8.2 million b/d. [which is what Mr. Naimi said they had indeed produced in March, some four weeks later] However, Horsnell said, recent data are pointing to Saudi output close to 9 million b/d in December and "and at that level in January and February." [Mr. Naimi...

Full article: http://www.energybulletin.net/stories/2011-04-29/more-sau...

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