Because of falling demand, Saudi Arabia is pumping less than 8 million pbd's:
http://www.theglobeandmail.com/servlet/story/RTGAM.20090506.wsaudioil0506/BNStory/energy/home
BUT, notice that they have quietly been working on expanding their capacity to be able to pump 12 million pbd's - they are very strategically positioning themself to be able to control oil prices through production level changes when the prices start to rise....
Very smart, those Saudi's!
http://www.theglobeandmail.com/servlet/story/RTGAM.20090506.wsaudioil0506/BNStory/energy/home
BUT, notice that they have quietly been working on expanding their capacity to be able to pump 12 million pbd's - they are very strategically positioning themself to be able to control oil prices through production level changes when the prices start to rise....
Very smart, those Saudi's!