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Monday, February 20, 2012 

Saudi Arabia's reduction of oil production could be a good sign

According to CNBC, the House of Saud's oil production is going down:
The world’s top oil exporter, Saudi Arabia, appears to have cut both its oil production and export in December, according to the latest update by the Joint Organizations Data Initiative (JODI), an official source of oil production, consumption and export data.

The OPEC heavyweight saw production decline by 237,000 barrels per day (bpd) from three-decade highs of 10.047 million bpd in November, the JODI data showed on Sunday.

The draw-down was sharper for the actual amount exported, declining by 440,000 bpd, or 5.6 percent, to come in at 7.364 million bpd, the data also showed. The level would still be similar to exports after a steep ramp-up last June.

In its monthly report on February 10, the IEA put Saudi Arabia’s production number for December slightly lower at 9.55 million bpd, a disparity of 260,000 bpd versus the JODI data.
So long as they're going to continue to impose sharia upon their country, ban Jews from entrance and even impose Orwellian tactics upon Christians, they're asking for these kind of setbacks in oil production. Besides, we shouldn't be wasting our time and money on their oil anyway.

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