Saudi Arabia in talks to boost oil supplies

Saudi Arabia in talks to boost oil supplies

Saudi Arabia is the biggest oil producer in the World. Oil is a finite reserve. It is said that there has been a gross overestimate of the amount of oil under Saudi Arabia and so they have even less in the store than they thought that they had. So why are they even considering taking up the shortfall, on the World market, which will occur as Libya collapses. Libya produces 1.4 million barrels per day, roughly. If Saudi ups their output to take up the slack, then, they will have less oil to sell in their future. The price would come down if they enter the market with more oil. So they would have less oil and less income from it. Surely, it is far better to sit back and watch the price rise and then flood the market thus making more money per barrel.