gunDriller
23rd June 2011, 05:52 AM
http://oi55.tinypic.com/2lddtnl.jpg
http://online.wsj.com/article/SB10001424052702304887904576400083811644642.html?m od=WSJ_hp_LEFTTopStories
" A leading member of Saudi Arabia's royal family warned that Riyadh could seek to supplant Iran's oil exports if the country doesn't constrain its nuclear program, a move that could hobble Tehran's finances.
In closed-door remarks earlier this month, Saudi Prince Turki al-Faisal also strongly implied that Riyadh would be forced to follow suit if Tehran pushed ahead to develop nuclear weapons and said Saudi Arabia is preparing to employ all of its economic, diplomatic and security assets to confront Tehran's regional ambitions."
http://blogs.forbes.com/christopherhelman/2011/06/22/saudis-set-to-bankrupt-iran-with-flood-of-oil/
"Saudis Set To Bankrupt Iran With Flood Of Oil"
"Today the Wall Street Journal has a fascinating piece describing a speech given this month by Saudi Prince Turki Al-Faisal. The prince, speaking to a group of U.S. and British servicemen at an airbase near London, explained that Saudi Arabia was so concerned about Iran’s continued march toward attaining nuclear weapons that it was considering opening its oil spigots and swamping the world with oil in the interest of gutting Tehran’s government revenue. The prince insisted that the Saudis still have sufficient spare production capacity that, if need be, “we could almost instantly replace all of Iran’s oil production” of roughly 4 million bpd."
From which orifice shall the oil be extracted ?
Anyway, I noticed that PM's have been tracking oil pretty close the last few months (oil up, dollar down, silver up ... oil down, dollar up, silver down).
I don't think the Saudi's have the reserve capacity to do this.
But I do take seriously the rumors that one of the purposes of the Iraq invasion was to share some of Iraq's 110 billion barrels with Saudi Arabia clandestinely, to mask an impending collapse in Saudi production.
In any case, wherever the Saudi-branded oil comes from, if TPTB are planning a Discount Sale on oil ... well, OK.
I don't see how $85 or $90 oil is going to bankrupt Iran. Their oil has a low extraction cost.
In any case, it may explain today's oil & PM price action.
http://online.wsj.com/article/SB10001424052702304887904576400083811644642.html?m od=WSJ_hp_LEFTTopStories
" A leading member of Saudi Arabia's royal family warned that Riyadh could seek to supplant Iran's oil exports if the country doesn't constrain its nuclear program, a move that could hobble Tehran's finances.
In closed-door remarks earlier this month, Saudi Prince Turki al-Faisal also strongly implied that Riyadh would be forced to follow suit if Tehran pushed ahead to develop nuclear weapons and said Saudi Arabia is preparing to employ all of its economic, diplomatic and security assets to confront Tehran's regional ambitions."
http://blogs.forbes.com/christopherhelman/2011/06/22/saudis-set-to-bankrupt-iran-with-flood-of-oil/
"Saudis Set To Bankrupt Iran With Flood Of Oil"
"Today the Wall Street Journal has a fascinating piece describing a speech given this month by Saudi Prince Turki Al-Faisal. The prince, speaking to a group of U.S. and British servicemen at an airbase near London, explained that Saudi Arabia was so concerned about Iran’s continued march toward attaining nuclear weapons that it was considering opening its oil spigots and swamping the world with oil in the interest of gutting Tehran’s government revenue. The prince insisted that the Saudis still have sufficient spare production capacity that, if need be, “we could almost instantly replace all of Iran’s oil production” of roughly 4 million bpd."
From which orifice shall the oil be extracted ?
Anyway, I noticed that PM's have been tracking oil pretty close the last few months (oil up, dollar down, silver up ... oil down, dollar up, silver down).
I don't think the Saudi's have the reserve capacity to do this.
But I do take seriously the rumors that one of the purposes of the Iraq invasion was to share some of Iraq's 110 billion barrels with Saudi Arabia clandestinely, to mask an impending collapse in Saudi production.
In any case, wherever the Saudi-branded oil comes from, if TPTB are planning a Discount Sale on oil ... well, OK.
I don't see how $85 or $90 oil is going to bankrupt Iran. Their oil has a low extraction cost.
In any case, it may explain today's oil & PM price action.