Saudi Arabian officials are conflicted as to whether or not they're actually pumping more oil, or less oil, in response to the crisis in Libya.
They are certain they're now going to pump less. Or, at least, not increase production even though prices are rising. Saudi Arabia intends to keep production at 12.5 million barrels a day, according to the latest reports.
They say there's too much supply. Crude prices, which have risen significantly over the past two months, would suggest otherwise. It's pretty clear that Saudi Arabia DID NOT make up for supply when the Libyan conflict erupted.
Read more: http://www.businessinsider.com/saudi-arabia-cant-figure-out-if-its-pumping-more-oil-or-not-2011-4#ixzz1Kjg1seHW
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