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Politics : Politics for Pros- moderated

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To: KLP who wrote (250251)	5/16/2008 5:06:01 PM
From: miraje	Read Replies (2) of 793727

Chris Skrebowski, Editor of Petroleum Review, said the awful truth is that Saudi Arabia cannot raise oil output much even if it tries. "The myth of Saudi spare capacity is convenient for everybody: it gives OPEC leverage, and it gives the West hope. "But Saudi reserves are secret. They have never been verified," he said. Mr Skrebowski said oil is soaring because output is falling in Mexico, the US, and the North Sea. Russia stunned the markets with a 1pc fall in first quarter in Russia. "We are running the system flat out,"he said. IMO, this guy has it pegged. If Saudi had the capacity to put meaningful additional amounts of Light Sweet on the market, they would. Again, IMO, it just ain't there..

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