Saudi Arabia's Oil Summit: What the Experts Expect

Brooke Sopelsa,|Video Producer
Friday, 20 Jun 2008 | 3:08 PM ET

Saudi Arabia is hosting a global oil summit to address high prices, and CNBC asked the experts what impact, if any, this summit could have.

Saudis and Oil Prices
Saudi Arabia hosts a global oil summit to address high prices, with John Kilduff, MF Global and Daniel Yergin, Cambridge Energy Research Associates

“I’m looking for three things out of them [Saudi Arabia]…to come up with a substantial increase in production. I know the number out there is 200,000...it could be a much higher number than that at the end of the day. It could be as high as 400,000 or 500,000 barrels. Also, they need to discount significantly their heavier, sour crude so it’s more attractive to refiners that are struggling in a bad profit environment right now…and finally, they need to come clean about what their productive capacity is now…If they come out with that triple play, there could be some impact.”

“[Oil] will probably be cheaper [next month], because Saudi is going to call on consuming nations to do something, like what China did yesterday in terms of reducing subsidies and contracting this demand.”

John Kilduff, MF Global Energy Analyst

Finding Alternatives
Plans for fixing the energy crisis, with Dr. Robert Hirsch, Management Information Services Inc. senior energy advisor and CNBC's Becky Quick

“The fact is that OPEC has very little spare capacity, and so if they opened all of their valves it wouldn’t make that big a difference to the world. The other thing that people don’t seem to understand is that every year there are oil fields that are producing oil that are going into decline, and so to just stay even, which is what we’ve been doing for the last few years, we have to produce between three and four million new barrels of oil each year.”

Robert Hirsch, Management Information Services Inc. Senior Energy Advisor

Israel Airstrike and Oil Prices
Details on Israel's major military exercise that appears to be directed at Iran, with NBC's Jim Miklaszewski and cracking crude prices, with John Kilduff, MF Global & Chris Jarvis, Caprock Risk Management

“I really don’t see much coming out of this meeting. In fact, the big news, you guys [CNBC] already announced it about a week and a half ago…with the 500,000 barrels, so the news is already is in the market and it’s really having no impact.”

Chris Jarvis, Caprock Risk Management


  • Pump jacks and wells are seen in an oil field on the Monterey Shale formation where gas and oil extraction using hydraulic fracturing, or fracking, is on the verge of a boom, March 23, 2014 near McKittrick, California.

    Brent crude futures turned lower after Russia said top diplomats have agreed to take immediate steps toward calming tensions in Ukraine.

  • An employee wipes a TV screen in a shop in Moscow, on April 17, 2014, during the broadcast of President Vladimir Putin's televised question and answer session with the nation.

    Russian President Vladimir Putin warned of possible disruption to Europe's gas supply on Thursday, as the U.S. confirmed it would send additional military support to Ukraine.

  • A former BP employee will pay to settle allegations of insider-trading during the 2010 Deepwater Horizon oil spill.

  • Pro-Russian activists seized the main administration building in the eastern Ukrainian city of Donetsk.

    Deadly clashes in eastern Ukraine have spiked fears of all-out war in the region. So who are the armed, flag-waving rebels who appear to be behind it all?

Contact Energy


    Get the best of CNBC in your inbox

    › Learn More