Experts not impressed with Saudi Arabia

Tag: oil seals

Some oil analysts were immediately dismissive of Saudi Arabia’s announcement it will produce more crude oil this year, predicting prices would actually increase.

The reason given is that experts say the market had hoped for a bolder move from Saudi Arabia and that U.S. officials were cautious but saw no breakthrough.

"It will go down a little bit. It won't be significant," said New Mexico Gov. Bill Richardson, a Democrat who was Energy Secretary under former President Bill Clinton, speaking on CNN's "Late Edition."

Current Energy Secretary Samuel Bodman said he hoped the meeting would "help foster stable markets and reasonable prices."

But for the meantime, for consumers struggling to cope worldwide, Jeddah will bring little relief, at least immediately.