Pickens: Saudis bluffing on oil production
Oilman T. Boone Pickens said Thursday that Saudi production is topping out at about 10 million barrels per day and oil prices will return to $70 per barrel by the end of the year.
OPEC is "all in at 31 million barrels a day. That's about all they can do," Pickens said on CNBC's "Squawk Box." "They talk a lot about it, what they can do, and the Saudis say 12 and half. Well show me. I'm ready to see 12 and a half.They're making 10.3, and they struggle at 10, I think. I think 10 is about all the Saudis can do."
Oil Minister Ali al-Naimi said Saudi Arabia produced some 10.3 million bpd of crude in March, eclipsing a previous high of 10.2 million in August 2013.
The Organization of the Petroleum Exporting Countries is expected at a meeting on Friday to keep a group output target of 30 million bpd, a ceiling it has been exceeding for most of the last two years, weakening prices. Less
