Saudi Arabia’s Promise to Open the Oil Spigot is Nothing But Spin

First it called for a meeting of oil producers and oil consumers . Now Saudi Arabia has proposed a boost in oil production . At the end of the day, however, neither of these moves will have any real impact on the ongoing escalation in oil prices. Let me explain … The Saudi Spin When Saudi Arabia called for a summit on high oil prices recently, it said there was “no justification for the current rise in prices” - and used the opportunity to express concern that high oil prices could harm the global economy. That’s why Saudi Arabia also wants to work with its cartel compatriots in the Organization…