The Capitulation of Saudi Arabia Boosting Oil Production Under-Pressure

No one to blame but Saudi Arabia. No one to hate but Saudi Arabia. No one to intimidate but Saudi Arabia. No one to call a terrorist but Saudi Arabia. However, when it comes to oil every yell at Saudi Arabia: Drill, Drill, Drill, …
There, are many countries in the world having huge oil reserves but every one consider Saudi Arabia is the fish in the tank.
There is probably more oil in the United States Strategic reserve and off-shore ten folds than Saudi Arabia but every one want Saudi Arabia to exhaust her reserves first.
The embassy issued no confirmation nor denial about the 200,000 barrels per day increase in oil output. Sending the price of July oil contracts on the New York Mercantile Exchange down by $4.75 to $132 on Thursday from a high of $140 on Monday.
August contracts for London's Brent North Sea oil also fell by $4.44 to $132 per barrel.

Saudi Arabia is not the only country that has supply of oil but the only country that is subject for intimidation to raise oil production while other countries keep it under ground and in stretegic reserve, the US.
Saudi Arabia does not owe it to any body to raise oil production.

http://www.allheadlinenews.com/articles/7011326851
http://www.pennenergy.com/index/publications.html

http://studio-5.financialcontent.com/pennwell?Account=ogj&Page=MarketSummary

http://www.pennenergy.com/index.html

http://studio-5.financialcontent.com/pennwell?Account=ogj&Page=MajorIndices