Saudi Arabia May Increase Oil Production
After some hemming and hawing on the matter, Saudi Arabia looks ready to increase oil production in an effort to reduce oil prices. According to reports, the Kingdom is concerned that high oil prices will eventually shrink global demand for oil.
Yes, heaven forbid we ever move on to a more sustainable energy source.
Of course, Saudi Arabia is only planning to increase production by 200,000 barrels a day, a 2% uptick from their usual production. That does not seem like enough extra supply to lower market prices. Which is why weâ€™ll probably be hearing more about cars like this, even as Saudi Arabia wishes weâ€™d just stick with our gas guzzling SUVs.