Sunday, February 26, 2012

US Senator: Saudis Could Calm Oil Markets


A public promise from Saudi Arabia, the world's top oil exporter, to pump oil at its full capacity would calm oil markets as well as gasoline prices, [Charles] Schumer, the third-ranking Democrat in the Senate, said in a letter to Secretary of State Hillary Clinton.

In the letter, which was obtained by Reuters, Schumer asked Clinton to urge the Saudi government to increase production to full capacity of 12.5 million barrels per day - an increase of 2.5 million barrels.

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