Saudi Arabia Cuts Oil Output and Exports
Despite record gas prices Democrats killed another Arctic drilling project last week. This comes after Obama rejected the Keystone pipeline project. US gas prices at the pump have doubled since the Obama took office.
As gas prices climb to record high prices in the United States, Saudi Arabia has cut outputs and exports.
CNBC reported:
The world’s top oil exporter, Saudi Arabia, appears to have cut both its oil production and export in December, according to the latest update by the Joint Organizations Data Initiative (JODI), an official source of oil production, consumption and export data.
The OPEC heavyweight saw production decline by 237,000 barrels per day (bpd) from three-decade highs of 10.047 million bpd in November, the JODI data showed on Sunday.
The draw-down was sharper for the actual amount exported, declining by 440,000 bpd, or 5.6 percent, to come in at 7.364 million bpd, the data also showed. The level would still be similar to exports after a steep ramp-up last June.
In its monthly report on February 10, the IEA put Saudi Arabia’s production number for December slightly lower at 9.55 million bpd, a disparity of 260,000 bpd versus the JODI data.
Iran appeared not to have filed data in time for the latest release, providing no additional clues about how many export barrels were already lost in December, as some reports have suggested.
Wild Thing’s comment………
Good for Saudi Arabia!! They might as well. We have a president that will not drill, will not allow the Keystone pipline, hates oil companies in our country and loves the ones Soros has dealings with. Go for it Saudi’s maybe if it gets bad enough people will wake up to how bad Obama is for our country. Not enough realize it yet.
The people know we need to drill our own oil. It’s that Jug-Eared Jackass in the White House that doesn’t want to use our own resources and keep us dependent upon foreign oil.
Shades of OPEC 1973/1979?
My first thought on this was why did George Bush and his Repub controlled Congress not push for massive expansion of on shore/off shore oil and gas production while they were in control. Especially after 9-11. I am not much of a conspiracy nut, but American politicians have poo pooed energy production for decades. Why? We could have been completely energy independent by now if we had gone for it. I cannot blame it entirely on environmentalists. Their arguement is easily shot down. Something isn’t right. Sarah Palin led the cheers for Drill Baby Drill. Perry and Bachmann both had energy production as primary planks in their campaigns. But have you heard anything at all from the other GOP candidates on energy? No! What is going on? Why are we still held hostage by Arabs and Persians?
Tom, the only good arab or persian is an expired one rotting in hell with their true hero…..satan.
Thank you everyone so much. ((Hug))