Saudi King’s Quiet Bombshell

…If the Saudi announcement was a bombshell, American nearly newspapers ignored it. We decided to canvass experts we respect to see what they thought. Excerpts follow:

Tom Petrie, vice president, Merrill Lynch:

“King Abdullah’s quote speaks to the fast-emerging reality of what I call


Charles T. Maxwell, senior energy analyst, Weeden & Co:

“If Saudi Arabia’s oil reserves are not going to be made available to the world in future years, beyond the expansion they have already signaled (to 12.5 million barrels/day), then the geologic oil supply constraints that we are feeling in many other parts of the world are going to close in on us earlier and more severely than we previously thought. It’s a major change in policy. It’s a powerful message. It makes the geologic message that much more decisive.”

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