2008-06-11 — wsj.com
It may be that oil at $138 a barrel has finally jarred the Saudis out of a stupor, as they’re now making all of the requisite “concern†noises regarding the high cost of fuel. The Saudi government’s report that it had increased oil output by about 500,000 barrels a day this quarter, about 200,000 barrels more than previously thought, helped push the price of oil lower.
"We were just kidding, we already produced much more oil" -- a likely story. Keep in mind there is no independent vetting of the Saudi's claims. This seems a very convenient thing to say in an attempt to calm the market, especially if one has no ability to produce further production increases.
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