Saudi oil boost fails to stem soaring prices.
Oil boost? Isn't it simply a promise of a production boost, and nothing has been actually delivered in the one day since the production boost was agreed to??
"Market analysts suggested the rise in production was insufficient, saying production had to rise to at least 500,000 barrels. Saudi Arabian Oil Minister Ali Al-Naimi admitted yesterday that the move was unlikely to tame prices."
Perhaps a more real time, long term, and violent cause in the continuing upward creep of crude oil prices are the persistent rebel attacks in Nigeria on Nigerian oil production.
"The Saudi increase would be 'more than' offset by Nigerian rebels' sabotage of oil pipelines, Red Cavaney, head of the American Petroleum Institute, a Washington-based oil lobbying group, said today on ABC's 'This Week' program."
Nigeria has been a sore spot for several years.
"Nigeria has fallen to Africa's second-biggest oil producer after Angola since oil production tumbled 20 percent since early 2006. That was when militant groups in the Niger Delta region began sabotaging the oil industry in an effort to gain political power and oil wealth for the impoverished area.
Nigeria is the fifth-biggest oil supplier to the U.S. "
Yup. Perhaps that what the Times UK meant to say.
