SAUDI NEWS26 May 2009 22:23
Taken from ‘City & Finance’ of Daily Mail (Tue 26 May 2009-05-26):
SAUDI WARNS OF OIL SPIKE
Oil prices could spike beyond the record heights reached last year, Saudi Arabia has warned.
Oil minister Ali al-Naimi called on other energy-rich nations to step up investment, warning we could be in for a surge beyond the near $150-a-barrel levels of 2008.
‘If others do not begin to invest similarly in new capacity expansion projects, we could see within two to three years another price spike similar to, or worse than, what we witnessed in 2008,’ he said.
Crude prices are currently around $60 a barrel.
GO OIL SPIKE!!!!