Walking the talk

04/02/2012
When it comes to reducing prices and regulating oil supplies, political leaders seem to produce more talk than action. During a Mar. 19 cabinet meeting, Saudi King Abdullah bin Abdul-Aziz Al Saud vowed to bring down the price of oil to "fair levels" sparking speculation of a policy change. The front-month crude contract dropped 2% Mar. 20 on the New York Mercantile Exchange in reaction to the king's remark, although the Saudi oil minister by then had reiterated the kingdom's standing claim that there's no need to produce more oil because there is no additional demand for the commodity. Meanwhile, a record number of Saudi-owned Vela International Marine Ltd. VLCCs were reported e...
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