No…I want to DRILL HERE – DRILL NOW!!!

In attempts to ease rising global fears that oil prices are about to go through the roof, the Saudis have promised they will pump more oil and bring stability to the market. But according to experts, they’ve already been pumping to capacity since November, and won’t be able to produce higher output without tapping into the global spare capacity. That’s a problem, since oil prices are largely determined on spare capacity after supply has tightened. What happens if the Saudis can’t step up? It’s not pretty – get the details http://www.telegraph.co.uk/finance/markets/8369427/Oil-markets-brace-for-Saudi-rage-as-global-spare-capacity-wears-thin.html

Oil markets brace for Saudi ‘rage’ as global spare capacity wears thin

Those exhorting OPEC to boost output should be careful what they wish for. The cartel card can be played once only, and it risks exposing the fragility of the global energy system if the Gulf powers are seen struggling to deliver.

Goldman Sachs oil expert Jeff Currie saud Saudi Arabia was already increasing production before the Libya crisis began….