Friday, August 17, 2012

US dependence on oil from Saudi Arabia increases as Iran. Mexico have more "problems"

Clifford Krauss has an important story in the New York Times Friday morning, “U.S. Reliance on Saudi Oil Heads Back Up”, link here

Saudi Arabia had agreed to increase production while Iran’s production was hampered by sanctions and probably its own activity in the Straits of Hormuz.

Stability in Saudi Arabia is said to be challenged by recent family deaths and by strife in some parts of the desert.

It was Saudi Arabia that led the charge with the oil embargo back in 1973, when the US dependence on foreign oil was first seen as a problem.

Other observers have said that a war between Israel and Iran would probably last several weeks.
Steve Hargraeves has a story on CNN explaining how crude oil production in Mexico by Pemex is falling, link here

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