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Politics : Foreign Affairs Discussion Group

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From: geode00	6/24/2005 4:57:59 PM
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Oil: new closing high $59.84. Up more than 40% since the beginning of 2004? Geez. ==="...Also spreading through the markets recently have been arguments put forward in a book on Saudi oil by Matthew Simmons. His Twilight in the Desert argues that not only is Saudi production close to peaking, but that that country's proven reserves estimates might be misleading, and too optimistic. OPEC has recently raised its production ceiling by 500,000 barrels a day to 28 million barrels, a move that was shrugged off by a tight and bullish oil market that seems to respond only to bad news. Oil prices are now more than $25 higher than they were in the beginning of 2004...."

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