How long will we be hosed at the pump? Apparently at least five more years.
embers of the Organization of the Petroleum Exporting Countries (OPEC) will considerably cut oil production over the next five years, Saudi Arabian Energy Minister Khalid al-Falih said Sunday.
"The U.S. is the largest oil market, and Saudi Arabia is the largest exporter and one of the world's top three oil producers. The U.S. market will always be a key market for the kingdom, and we recently announced the full acquisition of an oil refinery with a capacity of 600,000 barrels, and we intend to use it as a platform for our future growth," Falih said, during a press conference at the 8th International Forum on Energy for Sustainable Development in Kazakhstan's capital Astana.
Falih also said that the U.S. had "excellent" supply possibilities for domestic production in the Gulf of Mexico, and that the oil obtained there is believed to be sent elsewhere, which was the reason the OPEC countries agreed to lower their production and supply levels.
"[Output cuts] will not impact our obligations, and our aim to increase Saudi Arabia's share in the U.S. market. We are supporting this with $15-18 billion investments. But if not the U.S., we will export somewhere else," Falih said.
REMARKS: So they think we have excellent supplies of oil in the Gulf of Mexico that we are sending elsewere. If we were not sending it elsewere, the elsewhere's would be buying more from Saudi?
Oh whippin' post.
