Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Canadian dollar sinks below 88 cents as Saudis cut oil to $77

Red · 04-08-2015, 03:41 PM

Saudi Arabia has sent out the most powerful signal yet that oil prices are not set to rebound any time soon by abandoning its passive response to the world oil glut.
Instead of leaving its own production flat, it is boosting production quite sharply to claw back market share. On Tuesday, Saudi Arabia’s oil minister, Ali al-Naimi, revealed that the kingdom’s oil production in March was 10.3-million barrels a day – a record high. “Saudi Arabia is going for it,” Olivier Jakob of the Swiss energy consultancy PetroMatrix said on Wednesday as Brent crude fell by about 1.3 percent.

http://www.bnn.ca/News/2015/4/8/Saud...ket-share.aspx

04-08-2015, 03:41 PM	#322
Red Lifetime Suspension Join Date: Oct 2001 Exp:	Saudi Arabia has sent out the most powerful signal yet that oil prices are not set to rebound any time soon by abandoning its passive response to the world oil glut. Instead of leaving its own production flat, it is boosting production quite sharply to claw back market share. On Tuesday, Saudi Arabia’s oil minister, Ali al-Naimi, revealed that the kingdom’s oil production in March was 10.3-million barrels a day – a record high. “Saudi Arabia is going for it,” Olivier Jakob of the Swiss energy consultancy PetroMatrix said on Wednesday as Brent crude fell by about 1.3 percent. http://www.bnn.ca/News/2015/4/8/Saud...ket-share.aspx