Saudi Arabia has been lying about their reserves for decades. Saudi Arabia the last two times said we are going to increase production and they could not increase production.
They told George Bush they would increase production and they could not.Don`t fall for that.
The reason oil is going up is because the world is running out of known reserves of oil. I don`t know what will happen in the Middle East, if it all blows up tomorrow afternoon, it will go there (all time highs) next week. But if it does not, if things calm down, oil will go back down for a while. But the world is running out of known reserves of oil. these are simple facts.
Related stocks: Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), Halliburton Company (NYSE:HAL) , Schlumberger Limited. (NYSE:SLB), Repsol YPF, S.A. (ADR) (NYSE:REP), Murphy Oil Corporation (NYSE:MUR), ConocoPhillips (NYSE:COP), Marathon Oil Corporation (NYSE:MRO), Occidental Petroleum Corporation (NYSE:OXY) , Hess Corp. (NYSE:HES), Petroleo Brasileiro SA (ADR) (NYSE:PBR), ConocoPhillips (COP), United States Oil Fund ETF
Jim Rogers is an author, financial commentator and successful international investor. He has been frequently featured in Time, The New York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The Financial Times and is a regular guest on Bloomberg and CNBC.
