In an exclusive interview with David Strahan of lastoilshock.com, al-Huseini said that oil production had reached a structural ceiling determined by geology rather than geopolitics, and that as a result the technical floor for the oil price will rise by $12 annually for the next 4 to 5 years. The market price for crude could hit $125 by 2010.
Al-Huseini said that Saudi Arabia's plans to raise production capacity to 12 million barrels per day by 2012 represented "an achievable number", but disparaged Western expectations that the Kingdom would produce significantly more. It was unfair, he said, to expect Saudi to "pull everybody's chestnuts out of the fire".
To listen to the interview, go here.
From GlobalPublicMedia.com
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