King Arabian and His Statement on Oil Price Fluctuation

Just one day after King Abdullah promised to increase their oil production quota, Oil price in market run high. Arabia is very angry to investors/speculators. Abdullah attacked them as behind the fluctuation oil price.

Light Sweet Oil raises 29 cent to $135.65 per barrel for August Delivery. July Delivery also raises $2.69 to $134.62 before closing time on last Friday. North Sea Brent Oil for august also increase 22 cent to $135.08 per barrel. Previously the North Sea Oil position is $134.68 per barrel in England on Friday.

But last weekend after OPEC and Oil Demanders meeting, Saudi Arabia with King Abdullah claimed that Investors and Speculators are behind the running high on oil price. One statement on Jeddah meeting; voicing to market in order to keep more transparency in market transaction on oil product (stocks).

Arabian has been increasing their oil production to 9.7 million barrel/day. King Abdullah also said that they will increase their barrel per day to help market necessary. Arabian King Abdullah has promised that his country will aid around $1.5 million to reduce and help crisis countries which directly impact. Abdullah worried about the phenomena. He believed, Investors are behind the crash.

As we know, Arab is member of OPEC, produce 9.45 barrel per day before the king claimed to increase their barrel per day production to 9.7 million per day production.