Good News For Oil Prices? Saudis Say Production Up Slightly

The Saudi Oil Ministry has reported that Saudi Arabia’s daily oil production is up 500,000 barrels a day to 9.45 million barrels a day. Oil is down slightly on the heels of the announcement, up about $2 currently versus $3 earlier in the day.

It is in the Saudis’ interest to seems as though they’re doing everything they can to ease the pressure on oil prices (without actually easing them), so we’re sceptical. But certainly not bad news.

See Also:

As Usual, Oil Is Up (XOM)
IEA Cuts Global Oil Demand Estimate Again–Less Than 1% Growth This Year
Goldman oil bull speaks: Yes, oil still going to $150-$200, gas to $4-$6

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