It is an excellent gesture from OPEC to provide 2 million barrels a day of spare capacity to the market, ... If the market feels it needs additional crude, they're welcome to it. It's there.

[Saudi Oil Minister Ali Naimi said the oil-rich kingdom has the capacity to immediately raise its oil production from around 9.5 million bpd to 11 million bpd if needed.] The crude is available, ... If you want it, there it is.

We have offered up to 11 million (barrels a day), but have had no response whatsoever.

But in the intervening years, when we were supposedly facing ap precipitous decline, world oil reserves more than doubled.

make it more difficult to overcome these bottlenecks in the system.

Government policies aimed at reducing oil demand create another element of uncertainty for producers. This added risk is detrimental to timely investment decisions.