The Oil Kingdom

Interesting story from 60 Minutes on Saudi Arabia's oil business.

The energy industry is unsure of what Saudi Arabia's actual proven oil reserves are, as they produce millions of barrels a year and their stated proven reserves never go down.

Part 1

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Part 2

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At Oil Conference, Saudis Offer Slight Rise in Production

Ali Haider/European Pressphoto Agency

King Abdullah of Saudi Arabia at the energy summit meeting in Jidda.

An energy meeting in Saudi Arabia underscored how few options the world has to push oil prices down from their record levels.

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