Saudi Arabia Posts Major Production Decline

Saudi Arabia, the world's top oil exporter, posted an almost 10% monthly production decline in March says a Thursday Wall Street Journal Online article.

Saudi Oil Minister Ali Al-Naimi said Sunday that oil production from the kingdom was 8.292 million barrels per day in March, down about 800,000 barrels a day from 9.125 million barrels per day in February.

A Strange and Confusing Situation
Last February, with great fanfare, Saudi Arabia pledged to increase production -- making up lost Libyan exports. Now, we hear March production was actually down big time.  Read more here