Who are they kidding?

Oct. 4 2006:  “Saudi Arabia has always had in its mind not just big consumers but more importantly also had in mind poorer countries…It is our concern to bring down prices to reasonable levels.” Saudi Prince Turki al-Faisal

Oct. 5 2006:  “Oil jumped a dollar to above $60 on Thursday after OPEC officials said the producer group will cut output by 1 million barrels per day as soon as possible to prop up prices.  Top world exporter Saudi Arabia will lower production by 300,000 barrels per day as part of the plan, an OPEC delegate said.” Reuters

Quick calculation:  the Saudi royal family, which controls 25% of global oil reserves, produces about 10 million barrels of oil a day (mbd).  At $60 a barrel, that equates to $600 million dollars a day. 

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