Oil Daily, Feb 25, 2011
In an attempt to calm surging oil markets, Saudi Arabia has quietly increased its crude output to more than 9 million barrels per day, Oil Daily can reveal. That is up roughly 700,000 b/d from what the kingdom reported at the end of 2010 and would offset much of the immediate supply lost in Libya this week. Read more
(Brent oil prices jumped close to $120 a barrel on Thursday Feb 24, the highest since August 2008. "[Libya's] production has been stopped but the EU is receiving extra supplies from alternative suppliers, such as Saudi Arabia," the European Commission's energy spokeswoman Marlene Holzner told reporters in Brussels Thursday -- please see my post here. Saudi Arabia had some 4 million barrels per day of spare production capacity, namely more than double Libya's entire oil production, which stood at 1.58 million b/d in January 2011---please see IEA's "Facts on Libya: oil and gas," here. -- D.R.)
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