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UPDATE 5-Oil falls, more Saudi supply seen

Reuters (via Yahoo! News) -- Oil fell on Wednesday as the prospect of more Saudi supply offset optimism about an improving global economy bolstering demand.

April Brent crude futures were 40 cents down at $117.12 a barrel after posting their first gain in four sessions on Tuesday. U.S. crude added 16 cents to $96.82. The contract expires later on Wednesday.

Saudi Arabia, the world's top exporter of crude oil, expects to raise its output in the second quarter to satisfy higher demand from China and drive economic recovery elsewhere, oil industry sources said, but the exact rise in volume was unclear.

Saudi Arabia's move to cut output sharply by about 700,000 barrels per day (bpd) in the last two months of 2012 had helped tighten supply and supported oil prices.

These higher prices are starting to have an impact...


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Submitted Feb 21, 2013 By: Tiernan2012
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: UPDATE 5-Oil falls, more Saudi supply seen Back to Topics
REPLIES (newest first) Post a Reply
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52MPG
Champion Author Dayton

Posts:9,742
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Message Posted: Feb 21, 2013 11:16:25 PM

Change you can belive in.
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Double_Golden
Champion Author San Francisco

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Message Posted: Feb 21, 2013 12:59:24 PM

but gas prices keep heading north...
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EMoe57
Champion Author Jacksonville

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Message Posted: Feb 21, 2013 12:14:20 PM

But SPECULATORS drive up the price
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NightRider
Champion Author Dallas

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Points:141,960
Joined:Apr 2012
Message Posted: Feb 21, 2013 11:08:05 AM

The formula for the increased price of a gallon of gas: The amount of money the average person has left over at the end of the month divided by the average number of gallons of gasoline used. This equals the amount available for a price increase per gallon. Gas price increase equals up to 100% of this amount.



[Edited by: NightRider at 2/21/2013 12:09:35 PM EST]
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DutchTreatMI
Champion Author Grand Rapids

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Message Posted: Feb 21, 2013 11:04:42 AM

We need to build more new refineries to make a difference.
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rjojo40AL
Champion Author Nevada

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Points:629,215
Joined:Oct 2010
Message Posted: Feb 21, 2013 11:02:59 AM

Iran does not have the balls to attack anybody, without help from a superpower, so nuke Iran and be done with it. can't hurt the area or the decor, more crumbled rock to build homes. LOL
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BAJALRRP
Champion Author Tacoma

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Message Posted: Feb 21, 2013 10:58:22 AM

What happens when Iran attacks Saudi Arabia? Watch it go up then!
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gasper
Champion Author Edmonton

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Joined:Mar 2002
Message Posted: Feb 21, 2013 10:56:42 AM

We need more North America oil supply and more refining to improve the economy or a recession will hit us harder than last time. No jobs and higher costs of living will drive people mad and more mental illness on the populations.
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Bigtex09
Champion Author Dallas

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Message Posted: Feb 21, 2013 10:56:35 AM

build more refineries people, oh yea, not in my backyard right?
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Sapper08
Champion Author Indianapolis

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Message Posted: Feb 21, 2013 10:55:46 AM

Supply? We can't get it refined quickly enough!
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pricechecker08
Champion Author Ohio

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Message Posted: Feb 21, 2013 10:54:32 AM

Who ever beleives a shortage of oil is nuts.
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dwbuddy
Champion Author Fort Worth

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Message Posted: Feb 21, 2013 10:52:22 AM

oil has too much control over us all....it is a shame. Need a better way soon
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homespesial
All-Star Author Seattle

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Message Posted: Feb 21, 2013 10:50:40 AM

interesting
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packards42
Champion Author Washington

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Message Posted: Feb 21, 2013 10:50:28 AM

Saudi Export are a record low , only 7 million barrels a day recently.

[Edited by: packards42 at 2/21/2013 11:50:50 AM EST]
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Cableman66
Champion Author North Carolina

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Message Posted: Feb 21, 2013 10:49:36 AM

We imported 611,000 bpd and exported 484,000 bpd with refineries in the states shutting down or doing maintenance. Doesn't pass the smell test. To many places for people to play with prices to get a handle on it. Or to many hands in the pie and we get leftovers.
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wmderrick
Champion Author Twin Cities

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Message Posted: Feb 21, 2013 10:47:53 AM

This is all happening so that when the prices fall back to $3/gallon we will think it is cheap!
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f4driver
Champion Author Maine

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Message Posted: Feb 21, 2013 10:47:21 AM

Damn shame that our driving habits are subject to a bunch of camel humpers who still wipe their butts with their left thumb.
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sdiddydaddy
Champion Author Grand Rapids

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Message Posted: Feb 21, 2013 10:45:17 AM

CaChase1 - let me know when you take a trip next year and I'll be sure to wait and fill up when you get home. :)
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drakeman70
Sophomore Author Vermont

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Message Posted: Feb 21, 2013 10:44:53 AM

Thank the speculators.
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VernonOR
Champion Author Oregon

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Message Posted: Feb 21, 2013 10:43:19 AM

China thirst for fuel is one big reason why prices are skyrocketing.
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MitchelSdReview
Champion Author South Dakota

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Message Posted: Feb 21, 2013 10:43:09 AM

ok
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Cachase1
Champion Author Oklahoma City

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Message Posted: Feb 21, 2013 10:41:11 AM

Since I just finished my road-trip, it is okay for prices to fall now. This happened last year too. I might not take a trip next year, and see what happens.
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eaglev
Champion Author Oklahoma City

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Message Posted: Feb 21, 2013 10:40:12 AM

We need to drill for our own oil, add to our refineries so they can handle more when needed. Get the EPA out of the way.
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marion1739
Champion Author Missouri

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Message Posted: Feb 21, 2013 10:37:29 AM

The laws of supply and demand no longer apply to gasoline
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braves89
Champion Author Chicago

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Message Posted: Feb 21, 2013 10:36:21 AM

jimL1 you really think the speculators will ever lose money?
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VaPider
Veteran Author Richmond

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Message Posted: Feb 21, 2013 10:35:24 AM

Even though crude oil is falling, the prices will continue to rise as companies pass of the cost of maintenance and repair of the refineries.
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JimL1
Champion Author Phoenix

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Message Posted: Feb 21, 2013 10:35:17 AM

We can all welcome an increase in Saudi production, including the speculators, who will now have to take their profits and sell and sell short on oil and fuels.
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truckpdlr
Champion Author Tucson

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Message Posted: Feb 21, 2013 10:32:14 AM

Lets hope crude keeps following
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mikesr100
Champion Author Sacramento

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Message Posted: Feb 21, 2013 10:31:22 AM

Oil Cartels are just wonderful organizations?
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radiorumor
Champion Author Texas

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Message Posted: Feb 21, 2013 10:30:03 AM

There will be a bunch of us saving on gasoline after the Sequester. We want have a job to go to.
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Car54BC08
Champion Author British Columbia

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Message Posted: Feb 21, 2013 10:29:11 AM

But there isn't an improving global economy
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bearzz
Champion Author California

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Message Posted: Feb 21, 2013 10:27:55 AM

And. . .???
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gas_too_high
Champion Author Columbus

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Message Posted: Feb 21, 2013 10:27:43 AM

About time. Maybe this will break the speculation bubble that has spiked wholesale and retail gas prices in the last few weeks.

GTH
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nehemiah
Champion Author Portland

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Message Posted: Feb 21, 2013 10:26:14 AM

meaningless at the retail price
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TAT36
Champion Author Florida

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Message Posted: Feb 21, 2013 10:24:30 AM

Seems like if we read anything into this we are living in a dream world. May be time to wake up but then being asleep feels so good.
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deaconjones
Champion Author Cleveland

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Message Posted: Feb 21, 2013 10:22:19 AM

saudi has as much blame for our misery as anyone else.......they are muslim and nean to destroy this country like our great muslim leader, barry
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badharley
Champion Author Tampa

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Message Posted: Feb 21, 2013 10:22:04 AM

Drill in the USA so we don't have to buy someone elses oil.
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yelobus
Champion Author Houston

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Message Posted: Feb 21, 2013 10:20:20 AM

So??
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LuckyD43
Champion Author Long Island

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Message Posted: Feb 21, 2013 10:19:46 AM

As I said in an earlier article, the government is the biggest cause of this problem because they aren't doing a damn thing the correct the situation.
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exd121
Champion Author Ottawa

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Message Posted: Feb 21, 2013 10:19:29 AM

whatever they will find a way to raise prices anyway
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olebufnav
Champion Author Omaha

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Message Posted: Feb 21, 2013 10:19:26 AM

Get rid of Barry Hussien O and his EPA.
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1stClicker
Champion Author Texas

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Message Posted: Feb 21, 2013 10:18:27 AM

Drill here, built pipelines & refineries and export less, keep it here & lower prices. Tell Obummer and his EPA to allow it.
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jamofsocal
Champion Author Los Angeles

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Message Posted: Feb 21, 2013 10:18:21 AM

What about all those articles about the US becoming an oil super power in the next few years?
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sleuth696
Champion Author Nashville

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Message Posted: Feb 21, 2013 10:17:44 AM

Another false hope article. Won't impact California where we continue to be the highest in the nation right behind Hawaii.
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DimitrisIL
Champion Author Chicago

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Message Posted: Feb 21, 2013 10:16:10 AM

Makes you wonder how a handfull of people determine the prices for million consumers.
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geezrtek
Champion Author Michigan

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Message Posted: Feb 21, 2013 10:15:05 AM

OK
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HEBster
Champion Author Kentucky

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Message Posted: Feb 21, 2013 10:14:07 AM

Too late to make a difference!
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ss70
Champion Author Detroit

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Message Posted: Feb 21, 2013 10:13:14 AM

If more oil is produced someone has to buckle under pressure and try to sell as they need money
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AriesMMD
Champion Author Sacramento

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Message Posted: Feb 21, 2013 10:13:01 AM

All about the Bennys
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vrossi46
Champion Author San Jose

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Message Posted: Feb 21, 2013 10:12:45 AM

pump more
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