U.S. and Saudi Arabia Agree to Increase Oil Production to Balance Markets


Saudi cabinet statement

Affirms the readiness of the Kingdom to use its spare production capacity if needed
Would use spare production to deal with any future variations in demand and supply in coordination with other oil producing countries

WTI crude is up to 74.81 today there is no fear of an increase in supply by the risk takers with the august/Sept the many affect – Syncrude holding up the front for now.