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Countries Actually Ramping Up Oil Production

[axegirl1]

Read( Casey's Daily Dispatch today. Headline."The Economy is in Worse Shape than you think.") (Google this)
However, Saudi Arabia says it wont stop pumping oil... On Monday, Financial Times reported that Saudi Arabias state-owned oil company, Saudi Aramco, wont stop pumping oil while prices are low. Instead, it will keep pumping oil to maintain its share of the global oil market. Unlike some countries, Saudi Arabia has oil projects that can still make money at low prices. Another Middle Eastern country, the United Arab Emirates (UAE), also doesnt plan to cut production while oil prices are down. Yesterday, the UAE said it will not abandon efforts to expand its oil production capacity. UAE is the worlds sixth-largest oil producer. Oil makes up 47% of its exports. The country plans to increase its capacity from 2.9 million barrels-per-day (bpd) to 3.5 million bpd over the next two or three years. Like Saudi Arabia, UAE refuses to dial back production for fear of losing market share. Saudi Arabia and UAE are key members of the Organization of the Petroleum Exporting Countries (OPEC), a cartel of twelve oil-producing countries. On December 4, OPEC will meet in Vienna to discuss how much oil its members will produce going forward. Its a bad sign for oil prices that two key members have promised to not cut production E.B. Tucker, editor of The Casey Report, thinks these oil-rich countries have no choice but to keep pumping Heres E.B.: Oil is the foundation of the entire Gulf region. It would be economic suicide for these countries to cut production. Giant state-run oil companies continue to pump because oil is about the only thing these countries produce. This is why global oil production is still near record highs even though the price of oil has been cut in half. Many oil-rich countries have actually increased production.