According to the International Energy Agency (IEA), Saudi Arabia has boosted its oil output to compensate for shortages in global crude supply caused by the unrest in Libya. Reports confirm that Saudi officials have met with European refiners to discuss the amount of oil required to fill the shortfall, estimated to be 1.2 million barrels of oil per day. An IEA spokesman released a statement claiming that there's "every indication that increased volumes are now being made available to the market"
While the U.S. seems to be making a turn towards alternative fuels, China is busy buying up as many oil resources as possible. Without discrimination, China is scouring the globe for available oil resources, offering up large sums of money for partnerships with existing energy suppliers in countries in Africa, South-America, Central-Asia, and the Middle East. Its relationship with Iran could be considered particularly troubling for global politics. Truthout gives a nice overview of recent Chines