Saudi Arabia, Exxon Seek to Calm World Oil Market

From today's Independent (U.K.):

Saudi Arabia, the biggest oil producer, and Exxon Mobil, the largest oil company, yesterday declared that the world had decades' worth of oil to come, in an attempt to calm fears about the record prices experienced in recent weeks.

Forming a powerful alliance, the Saudi oil minister Ali al-Naimi said, at an industry conference in Johannesburg, that the country would soon almost double its "proven" reserve base, while Exxon's president, Rex Tillerson, spoke of 3 trillion or more barrels of oil that are yet to be recovered.

Well, there's at least one blogger who's expressing some doubts about this story. And here's another that says the real problem is refining capacity.

Technorati tags: Energy, Politics, Economics, Oil, Saudi Arabia, Exxon

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Fluor Invests in NuScale

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NEI Nuclear Notes

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