Scare the Saudi\'s get rid of your SUV

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Scare the Saudi's get rid of your SUV

No kidding, the move to hybrids and economical cars has the Saudi's running scared, lets increase the fear factor.

The Saudis have long memories and recall how high prices can cut into consumption; it happened in the 1980s and it's happening again now. Any threat to oil's leading role as a source of energy is a big worry for a country that sits on reserves of some 260 billion barrels.
... Quote:
We are concerned about the permanent destruction of demand, Those who buy hybrid vehicles are not going back to SUVs.
says a senior Saudi official.

OPEC hardliners such as Iran and Venezuela, by contrast, have less oil in the ground and are running short on cash, so they're more interested in maximizing revenues today. Friction within OPEC has been growing because Saudi Arabia has been pumping almost 10% more than its OPEC quota of 8.9 million barrels per day.

The Saudis and other Persian Gulf states believe a price of $90 per barrel is about right, while the hardliners don't want to see anything less than $100 per barrel. "The current market is not balanced; it is oversupplied," Iranian OPEC representative Mohammad Ali Khatibi told Reuters.

Much more on the link
By netchicken: posted on 28-9-2008

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