Monday 22 February 2010
Saudi oil flows east as demand in Asia grows
When world oil producers and consumers convened in Jeddah for an emergency summit in June 2008, Samuel Bodman, then US energy secretary, had a simple message for Saudi Arabia: pump more oil now.
As Steven Chu, his successor, flies to the kingdom this week, the agenda instead has a heavy focus on research and technology.
The different messages underscore the fact that crude prices have fallen from $130 a barrel in June 2008 to $80 a barrel. They also reflect a further tilt in the balance of demand growth from west to east.
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