UK Channel 4 News Saudi Insider Scoop

This lunchtime C4 news in the UK’s top story was Saudi Aramco insider Dr Sadad al Husseini (retiring Vice President) saying that the US govt estimates of future oil production were “dangerously overestimated”. And that the oil price would not drop below $50 for some long time.

Matt Simmons then was interviewed saying that the only thing to bring the oil price down was a long hard global recession.