Wikileaks: Saudis Warned About Oil Speculators in 2007 and 2008

An article from Naked Capitalism

Wikileaks: Saudis Warned About Oil Speculators in 2007 and 2008

Posted: 26 May 2011 08:32 PM PDT

Kevin Hall of McClatchy wrote about Wikileaks releases showing that the Saudis were concerned about oil market speculation leading to unduly high prices in 2007 and 2008. In 2008, we wrote that the Saudis said they did not see tightness in the market, and they also warned that prices were excessive. The Wikileaks thus confirm that these statements were not just PR, to shift blame from them as the historical swing producer, but were consistent with their private communications. It was quite frustrating in 2008 to see economics commentators reject statements by numerous oil market participants that supplies were more than adequate, that the price rise was driven by speculators.

Paul Jay of the Real News Network interviewed Kevin Hall (hat tip reader Philip Pilkington):

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