Cheney Convinces Saudi’s To Increase Oil Output, Stabilize Market
He made them an offer they can’t refuse, maybe…I’m thinkin’…heh heh.
Nah, I’m sure he was very diplomatic and persuasive and just a good negotiator.
You know his middle name is Vinnie, right? From DEBKA:
DEBKAfile’s Gulf sources disclose that US Vice President Dick Cheney persuaded Saudi leaders to raise production in order to curb rocketing world oil prices, during their talks in Riyadh on Saturday, March 22.
King Abdullah thereupon convened the Supreme Council for Petroleum and Mineral Affairs Sunday, to underline the kingdom’s commitment to stabilizing the international oil market “by ensuring adequate supply.”
The Saudi Supreme Oil Council’s statement emphasized OPEC’s role in “stabilizing the world energy market and realizing global progress and prosperity.”
It also “emphasized the Kingdom’s desire for oil market stability, and ensuring supplies to different regions at all times to maintain world economic growth.”
The council expressed its satisfaction with the progress in new investment projects for expanding oil production and refine capacity; and, finally, committed the kingdom to working with OPEC countries, other producers and consuming countries toward oil market stability and avoidance of the effect of harmful speculation.”
These decisions, as DEBKAfile’s Gulf oil sources disclose, add up to the Saudi King’s compliance with Cheney’s request to act for stable world oil prices - by speeding up the expansion of production and refining projects both inside OPEC and in cooperation with other world producers, such as Russia and Norway.
Cheney thus succeeded where President George W. Bush failed in January.
The Saudi monarch refrained from complying with the US president’s request to persuade members of OPEC, the Oil Producing Cartel, at its last meeting to step up production. The Saudis only spiked the initiative of radical members, led by Iran and Venezuela, to cut production down.
Saudi Arabia has targeted the year 2009 for increasing its output from 11 to 12.5 million barrels per year. The new Council decision brings the target date forward by some months. In any case, the kingdom does not export all it produces and could sell more by drawing on its emergency reserve.
In the first two days of the week, oil prices, like other commodities, began to slide – mainly in response to US Federal Reserve steps. Those steps may have helped convince Riyadh that it was time for a more aggressive policy to curb the speculation rife in oil prices.
While the extent of this downward trend is hard to predict, oil producers are looking favorably at prices of $85-90 in the short term, which are realistic given the protracted US dollar slump. Vice President Cheney proposed lower price levels for the more distant future, but Abdullah said that given the volatility of international oil and financial markets, this was not realistic.
Nods to Kurt (Typical white devil).
Be respectful of others and their opinions. Inflammatory remarks and inane leftist drivel will be deleted. It ain’t about free speech, remember you’re in a private domain. My website, my prerogative.
If you can't handle using your real email address, don't bother posting a comment.
Maybe Saudi Arabia would do better if it went alone instead of having to be in OPEC.
March 25th, 2008 at 8:18 amPolitics is a grubby business.
March 25th, 2008 at 8:50 amI told yunz a couple weeks ago Darth—– er, Dick would ‘grab some necks’ over there …
Now, give it roughly a week and pump prices might fall below $3 … again … Already some places in the Akron/Canton area below $3.
Anyhow, it’s NOT lack of oil … We have plenty of oil … We need refineries.
Oh, and those in Congress pushing for more gas taxes, somewhere around .50, STFU!
March 25th, 2008 at 9:14 amTraveled to the beautiful red dirt of west Texas last week for Spring Break to visit relatives . . . since Thanksgiving, the jacks have multipled immensely and are pumpin’ like crazy, everybody is working - they are estatic out there! The Texas oil fields are boomin’ again baby!
It is about time - It is a damn shame that friggin’ regulations causes oil to be cheaper from terrorists than from our own pay dirt . . . that is, until the price gets outlandish like this . . . God bless West Texas roughneckers - salt of the earth, man!
March 25th, 2008 at 9:30 amYou folks should be in (or not be in) beautiful-San Diego County, the cul de sac as oil companies like to call us; so that they can have the price of gas higher than anywhere in else in Califonia or the U.S. for that matter. We are always getting screwed here with the prices of gas. About the cheapest it is here right now is $3.45. Anything the VP can do is good.
March 25th, 2008 at 9:52 amOil companies bad. Time for a crash Marshall Plan for energy independence for our nation. Time to get weened off of the foreign oil. Can’t wait till China is the infidel.
Dick Cheney is one of our greatest presidents. The Chenster puts The Dhimmi-Rats to shame. If you could create energy from talking they might have some use…but you can’t.
March 25th, 2008 at 11:43 amTrouble is, the only reason those jacks are pumpin’ again is because the price of the shit makes ‘em pay…they’ll shut down when the price drops below ninety…
Drill,
March 25th, 2008 at 5:55 pmDick probably threatened them with a quail-hunt…