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Jakarta - Saudi Arabia has offered its key customers in the U.S., Europe and Asia extra oil supplies until the end of the year. It is a signal that the world's biggest oil exporter was worried about the impact of rising prices on the global economy.
Members of the G7 finance ministers last month called for the oil exporters to boost production. Saudi Arabia initially responded to the request with a relaxed, saying that the global supply and demand balance amount.
But recently Arabs already taken steps to reduce prices, consult and offer extra large refining oil supply.
"The price of oil is too high. We want to see oil prices go back to $ 100 per barrel, "said petroleum-based senior officials in Saudi Arabia to the Financial Times, quoted by CNBC (9/19/2012).
Make Money Blog$~Brent prices, global oil benchmark, is up 33% from mid-June to a peak of U.S. $ 117.95 per barrel on Friday. Monday, the price fell nearly U.S. $ 4 in just four minutes, but then managed to get back up.
Saudi Arabia was the last time a similar consultation with a large oil refinery in March, a week before they ramped up to record highs in the last 30 years, 10 million barrels per day. Riyadh is now evaluating the response of the oil refinery.
Last month Saudi Arabia produced 9.9 million barrels per day, but senior officials say they are now pumping more in the range of 10 million barrels per day. "We are consulting with our clients about their oil needs and tell them that we are ready to supply more," the senior official said.
Opec delegates said Riyadh seeks to lower the price. "Saudi actively manage the market. They supply a little more when prices fall to U.S. $ 90 in the summer and they will supply more when prices are above U.S. $ 115, "said another senior oil officials from Opec countries of Africa.
Signals from Riyadh comes as rising energy prices caused by political issues in the U.S. presidential nomination campaign. Republican candidate, Mitt Romney accused President Barack Obama of not doing enough to lower fuel prices.
Price of regular gasoline in the U.S. last week rose to U.S. $ 3.878 (approximately USD 36,000) per gallon, the highest level ever this year. Price of U.S. retail fuel had reached an all-time record of U.S. $ 4.114 per gallon in early July 2008.
Last month the White House did not carry out the plan to release strategic oil reserves to lower prices. But so far Obama has not authorized the release, in part because of opposition from allies such as Germany, Italy, Japan and South Korea.
Saudi Arabia to lower the price while avoiding an open confrontation with Iran. Tehran has warned Saudi Arabia not to increase crude oil production by reducing the impact of U.S. sanctions and European countries against Iran's crude oil exports fell to a record low in 22 years which is 2.85 million barrels per day in August.
Oil markets were cautious as the anti-US protests spread across the Middle East and tensions between Israel and Iran continues to heat up. A large underwater minesweeping drilling is also being conducted by more than 20 teams, including the U.S. Navy, Britain and France in the Strait of Hormuz, one of the world's most important potential point for oil tankers.
source: detik.com
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