Saudis Predict Worse Crude Oil Spike Than $147/bbl in 3 years
Speaking at a Group of Eight nations energy ministers' summit in Rome, Saudi oil minister Ali Al-Naimi said his country is "continuing to invest now in both the upstream and downstream to help ensure an uninterrupted supply of energy when the global economy recovers."
But "if others do not begin to invest similarly in new capacity expansion projects, we could see within two to three years another price spike similar to or worse than we witnessed in 2008," he added.
Article: http://online.wsj.com/article/BT-CO-20090525-704529.html
But remember, the Saudis predicted $200/bbl during the election and we all saw what happened there. The Saudis have a real credibility problem in admitting their reserves, their production capacity, and their claims of future production. So take what they claim with a grain of salt. Or two.
But "if others do not begin to invest similarly in new capacity expansion projects, we could see within two to three years another price spike similar to or worse than we witnessed in 2008," he added.
Article: http://online.wsj.com/article/BT-CO-20090525-704529.html
But remember, the Saudis predicted $200/bbl during the election and we all saw what happened there. The Saudis have a real credibility problem in admitting their reserves, their production capacity, and their claims of future production. So take what they claim with a grain of salt. Or two.