Britain’s Telegraph newspaper noted that Saudi Arabia has the capacity to pump 12.5 million barrels per day of crude, far higher than what it is now pumping as reflected in OPEC’s report.
Mike Wittner, head of oil market research at Societe Generale SA, told Bloomberg News, “It does illustrate a desire not to oversupply the market, and it does illustrate they are actively defending $100 a barrel.”
The Telegraph described the Saudi move as “an ominous sign for motorists in the U.K. who were hoping that recent declines in the cost of a gallon of petrol would be sustained.”
Article Appeared @http://www.theblaze.com/stories/2014/09/11/saudi-arabia-cuts-oil-production-in-apparent-effort-to-keep-price-near-100-a-barrel/