Will increased production help reduce price quickly, or will it take time?

Question

http://biz.yahoo.com/ap/080615/saudi_oil.html

UN chief says Saudi Arabia plans to increase oil production by 200,000 barrels a day

Answer 1

The total world production of oil is 81 million barrels a day  and the demand is growing every year by  1 million barrels a day. 200 thousand will only slow the rate of price increases for the next few months.

Answer 2

It will make little difference, the prices we are now paying is for the oil that will be supplied in 2010.

Edit.

I have just seen on the news, it is the wrong type of oil they are producing, so there will be little decrease in price.

Answer 3

That amount is a drop in the bucket considering continually rising consumption demands.

Answer 4

yes it will reduce price price quickly but not in a snap. Since the good will be more common, it will be relatively inexpensive. Consumers will have a little to no reason to buy it since they have it. Hence, the producers will decrease their price.

Answer 5

no matter how little or how much it will take time for it to go through the system.  dont expect any good news soon

Answer 6

The problem is the value of the dollar has drooped over 60% .

Answer 7

It will take time, definitely. I think it's time that the USA seriously looked at alternative means of energy!!