kublikhan wrote:It's not that the Saudi's are pumping more that people are complaining about. It's that they refused to cut production. The Saudis are pumping about the same amount of oil now as they were 3 years ago. The US on the other hand is pumping 50% more. It's the US that really opened up the taps in the last 3 years. The Saudis are under no obligation to cut their own production so US frackers can fill in the gap with their product. It's a dog eat dog world.
Oil production in mbpd - figures from April of year specified
country_____ 2012 2015
Saudi Arabia 9.9 9.9
US__________ 6.3 9.7
Saudi Arabia Crude Oil Production
U.S. Field Production of Crude Oil
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
Tanada wrote:My personal opinion? KSA will keep pumping as much as they can until about November 1, 2015. When the big banks do their re-evaluation of the fracking companies in October a lot of them will be crippled if not outright killed. KSA will see this as msiion accomplished and switch back to profit motive driving the prices back up to $75-$85/bbl. This will help themselves a great deal without doing much for their competitors like Iran.
Synapsid wrote:More surprising to me is that Saudi Aramco has been running recruiting ads in Rigzone specifying shale experience. They haven't learned from our experience, it seems.
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
Synapsid wrote:Tanada,
I don't know either. I suspect they're starting from zero as far as knowledge of shale resources in the country, though. High-level voices pooh-poohed shale when it began to take off here.
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