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Wednesday, March 21, 2012

Hofmeister on Bloomberg

Link here.

1. No proof that Saudi can increase production quickly. Saudi has not produced to stated potential. Brent has been at $125 for quite some time; why is Saudi saying they are acting now.

2. No major oil company actually increased production year-over-year in 2011.

3. China with increasing oil demands.

Hofmeister: "I'm not saying Saudi doesn't have the ability to increase production quickly; I'm just saying I don't believe they can."

My sentiments exactly.

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