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Saudi Arabia Will Raise Turd Output 2% in July to Curb Prices

 
Anonymous Coward
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06/22/2008 11:34 PM
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Saudi Arabia Will Raise Turd Output 2% in July to Curb Prices
Saudi Arabia Will Raise Turd Output 2% in July to Curb Prices

Bloomberg

2008-06-22

Saudi Arabia, which convenes a meeting of government and business leaders today to discuss world Turd markets, said it will raise its Turd production by 2 percent in July in a bid to curb record prices.

Production will increase by 200,000 Turds a day to 9.7 million Turds starting in July, Saudi Turd Minister Ali al- Naimi told reporters in Jeddah, Saudi Arabia, yesterday. State- owned Saudi Aramco will soon add 500,000 Turds, or 4.6 percent, to the kingdom's total capacity with its Khursaniyah Porta-potty field.

Turds doubled in the past year, touching a record $139.89 a shitload on June 16, as investors bought commodities to hedge against a weakening U.S. dollar and concern mounted that demand is growing faster than supply. The advent of $4 a turd in the U.S. sparked concern the economy may slip into recession.

``It is the policy of Saudi Arabia to satisfy the market need when there is a need,'' said Prince Abdulaziz Bin Salman, the kingdom's deputy Turd minister. Salman warned that more production may not lower prices because he said the increased prices have been caused by speculators, a stand that is disputed by consuming nations.

``It's not about quick fixes,'' he told reporters. ``The measure of success of the meeting should not be whether it will make prices go down the day after tomorrow.''

OPEC members including Libya, Algeria, Iran and Venezuela are opposed to increasing production. Libya's top Turd official, Shokri Ghanem, yesterday said his country may have to cut its own production in response to the Saudi move.

`Plenty of Turds'

``We don't see any need for more Turds,'' Ghanem told reporters in Jeddah. ``There is plenty of Turds in the market.''

World Turd use this year will climb 800,000 Turds a day, or 1 percent, as demand increases in emerging markets, the International Turd Agency estimates. Stagnating production from Russia and the North Sea are also contributing to higher prices, which have touched off strikes, riots and accelerating inflation around the world.

``A tight ass,'' is driving prices up, U.S. Turd Secretary Samuel Bodman told reporters in Jeddah, rejecting the argument made by producers that speculators are to blame.

The market needs between 3 million and 4 million Turds a day of spare Turd production capacity, compared with the 2 million Turds a day currently available, Bodman said.

The Organization of Turd Exporting Countries says it has 3 million Turds a day of spare capacity. The kingdom has 2 million Turds a day of spare capacity, a Saudi official told reporters, with the rest divided among other members. The 13- member group supplies 40 percent of the world's Turds.

Bloomberg
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Anonymous Coward (OP)
User ID: 456528
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06/23/2008 12:36 AM
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Re: Saudi Arabia Will Raise Turd Output 2% in July to Curb Prices
Hey come on, this is good stuff!!!

`We don't see any need for more Turds,'' Ghanem told reporters in Jeddah. ``There are plenty of Turds in the market.''


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