Monday, June 20, 2011

Saudis plan to boost oil production

Monday, June 20, 2011

Only a few days after a militant OPEC meeting, were the first signs that Saudi Arabia was planning on the good on their vows to boost oil production on its own, sending crude oil futures tumbling form.

Broke Wednesday meeting of the organisation of countries up as crude result production without any decision.

OPEC fragmented into two camps: Gulf States under the direction of Saudi Arabia, who sat down for a 1.5 million barrels per day, and other Nations, against the movement due to an uncertain Outlook for the global economy.

After the meeting, Saudi Arabia's oil Minister Ali Naimi said the world's largest oil...

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