[kildred590]

The real price of crude was higher during the late 70's/early 80's. During a crap economy. Plus we had shortages and rationing, which we don't have now. And production is higher now than it was then, plus we are in the process of reversing US production rates as Oilfinder2 has pointed out previously. Over at TOD some of the industry guys are making cash hand over fist. I recommend finding a job in the oil patch, allowing regular people to then laugh at those who think retail jobs are worth spit.

No, the real price was equivalent to $100 bbl in the OPEC oil crisis, which triggered hyperinflation and led to the economic decline.

SE Asia was mostly jungle, the middle east was very sparsely populated, half of Europe was locked behind the Iron Curtain, and China was still recovering from the Cultural Revolution.

USA was almost self sufficient in oil, and is now the biggest importer. The UK was one of the world's biggest oil exporters.

[copious.abundance]

Saudi Arabia’s November Oil Output, Exports Rise to 30-Year High

Saudi Arabia, OPEC’s largest crude producer, increased output and exports in November to the highest levels in more than 30 years, according to the Joint Organization Data Initiative.

The country pumped 10.047 million barrels a day of crude, up from 9.36 million in October, statistics posted today on JODI’s website show. The kingdom’s exports increased by 721,000 barrels a day, more than 10 percent, to 7.8 million barrels a day, according to the figures, which include condensates and exclude natural-gas liquids.

[...]

[TheAntiDoomer]

Exports at a 30 Year high? Oh boy "west texas" might have to go into hiding with Arty Berman!!

[Pops]

amazing what you can get for a few dozen F-15s

[dorlomin]

amazing what you can get for a few dozen F-15s

America trying to convince Europe to embargo Iranian oil may have seen Saudi opening everything it has to support the blockade.

Are they opening to taps to forstall the blockade and convince Iran they have the capacity hence bluff them into backing down?
Are they trying to bluff Europe into thinking they have it and hoping when the embargo comes it hurts Iran enough to break off their nuclear program before the strain damages Saudi fields?
Have they new permenant increased capacity and are simply revving up? (Rockdoc thinks this may be the case).
Something else?

Its games within games.

I used to joke the best introduction to petroleum politics is Frank Herberts Dune. Everyone is playing multiple games within their own team and each team is playing multiple games against the other teams on the board.

But then sometimes you have the capacity to just open the throttles.

[misterno]

Saudi Arabia’s domestic oil use at 10-year high in Oct

Saudi Arabia’s crude oil consumption jumped 13.7 percent in October from the previous month, reaching the highest level since at least 2002, government data show.

The world’s largest exporter of crude used an average of 2.02 million barrels a day of oil in October compared with 1.78 million barrels in September, according to figures the Saudi government submitted to the Joint Organization Data Initiative. Domestic crude use on an annual basis rose 10 percent from 1.84 million barrels a day in the previous year, data posted yesterday on the initiative’s website show.

October crude consumption in the Gulf kingdom was the highest since at least January 2002, when Saudi Arabia began submitting oil statistics to the data initiative. The initiative, supervised by the Riyadh-based International Energy Forum, shows figures supplied directly by governments.

Saudi Arabia, which is producing crude at near the highest rate in at least 30 years, faces greater domestic demand amid a 3.2 percent annual increase in its population. Domestic electricity demand is rising by about 10 percent a year, or twice the economic growth rate, according to a July report by HSBC Holdings Plc.

The country consumes 500,000 barrels of oil a day on average to generate power and desalinate water, Khalid al-Falih, chief executive officer of Saudi Arabian Oil Co., or Saudi Aramco, told al-Hayat newspaper on Dec. 13.

http://www.khaleejtimes.com/DisplayArti ... ber350.xml

[drobrien01]

Having just recently discovered the threat of Peak Oil, one of the first things I did was queue up as many torrents as I could related to preparation & survival. After a Windows Update forced-reboot this morning PeerBlock came up and I saw "Saudi Arabian Oil Company, Saudi ARAMCO" @ 166.87.190.165 repeatedly blocked. I checked my list of running torrents and the only ones that could have possibly be of any interest to them were some Peak Oil articles.

[drobrien01]

bratticus wrote, and shortly thereafter deleted, the following response:
"stop using ms windows"

[drobrien01]

Sorry, but switching to Linux is just about at the bottom of my priorities right now. I realize that it is a superior OS, honestly, but what OS one uses will be of no consequence in TEOTWAWKI.

Or was there a hidden meaning in that comment?

[dolanbaker]

Why are you limiting yourself to just the one source of information, the internet is a big place!

[bratticus]

bratticus wrote, and shortly thereafter deleted, the following response:
"stop using ms windows"

I didn't delete the post. A moderator censored it.

[ralfy]

I'm not sure if the type of OS has anything to do with this.

[misterno]

http://www.marketwatch.com/story/saudi- ... k=obinsite

Below is an article that says SA increased the exports to over 9MMb/d. So add that to their local ever increasing consumption of 2.02MMb/d and you get 11.02MMb/d of TOTAL PRODUCTION.

Am I doing something wrong here? Can someone confirm my math?

--------------------------------------------
The newswire, citing unnamed industry sources, said that Saudi Arabia had increased exports to just over 9 million barrels a day last week, compared with an average of about 7.5 million in January. Reuters said it wasn’t clear if the export numbers were the start of a longer Saudi supply addition or a temporary move.

[Graeme]

Gulf oil production hits record

The Gulf states are producing more oil than ever before, defying expectations that the US shale revolution would break their 40-year grip on the global oil market and diminish their importance to the world’s consuming nations.

Surging production in North America is expected to eat into the market for oil from Opec. But the quartet of Gulf kingdoms that dominate the cartel of oil exporters have so far emerged unscathed. Instead, they have expanded their share of the world market as political and social factors have reduced production from a number other members.

Saudi Arabia, Kuwait, the United Arab Emirates and Qatar set aggregate production records in each of the last three months, according to fresh estimates from the International Energy Agency. In September they accounted for 18 per cent of global demand – a level only matched twice in IEA data stretching back to the 1980s.



The principal beneficiaries have been Saudi Arabia, which has increased output more than 10 per cent since the start of the year to a record of 10.19m b/d in August, and the UAE where the 2.77m b/d produced in September was a record, and 7 per cent higher than at the start of the year. Kuwait has also set a series of production records this year, but Qatar has been unable to raise production significantly.

FT

Saudi Aramco to expand Shaybah, Khurais oil output in 2016-17

The world’s largest oil exporter, Saudi Aramco, will increase light sour crude output from two fields—Shaybah and Khurais—by 550,000 barrels per day (bpd) in 2016-2017, to rebalance its crude quality and extend the lifespan of mature fields.
The expansions of the fields will start up “within a few months of each other,” Chief Executive Khalid A. Al-Falih said on Sunday.

Shaybah would come first, by the end of 2016 or early 2017, the head of Saudi Arabia’s national oil company told reporters on the sidelines of the World Energy Congress, confirming a July report from Thomson Reuters on the expansion.

“This will bring it up to a million barrels (per day). We’re in the process of awarding the contract in the next few days,” he said, adding that an ongoing project at Shaybah will also add 250,000 bpd of natural gas liquids output in end-2014.

The Khurais expansion project was at the front-end engineering stage and the expansion to increase the field’s output by 300,000 bpd to 1.5 million bpd should be completed by 2017, he said.

“This will basically allow us to relax production from the more matured fields and reservoirs and extend them and also to rebalance our crude slate,” Al-Falih said.

Referring to the giant new Manifa oilfield, which started production earlier this year, he said “we’re tilting towards more heavy (crude).”

“So we wanted to introduce more extra light, a little more light from Khurais, that will basically allow us to match the market needs while at the same time having that extended plateau.”

aawsat

[westexas]

Reuters: Saudi Aramco to renegotiate some contracts on low oil price -CEO

http://www.reuters.com/article/2015/01/27/saudi-oil-aramco-idUSL6N0V60Z320150127

Jan 27 (Reuters) - Saudi Aramco will renegotiate some contracts and postpone some projects due to falling oil prices, the head of Saudi Arabia's state oil company said on Tuesday, stressing the top crude exporter will not single handedly balance the global oil market. . . .

Saudi Aramco Chief Executive Khalid al-Falih, speaking at a conference in Riyadh, did not specify which projects or contracts would be affected by low prices. . . .

Falih said the imbalance in the oil market had nothing to do with Saudi Arabia, and a fair price is what would ultimately balance supply and demand, a sign Riyadh is sticking to its strategy of allowing the market to stabilise itself.

"Saudi Arabia has a policy, the policy is set by the government through the Ministry of Petroleum, and they have said that Saudi Arabia will not single handedly balance the market," he said.

"The math will tell you that our exports... are gradually declining. So the reason for the imbalance in the market absolutely has nothing to do with Saudi Arabia."

2013 Data, as a percentage of 2005 values (there were some minor revisions to prior years):

Production: 104%
Net Exports: 95%
ECI Ratio: 70%
Est. Remaining Post-2005 CNE: 60%

[BobInget]

"Did I do that?"
Steve Urkel https://www.youtube.com/watch?v=Ya2xifdO_l0
"Family Matters"

"Did I do that?"
First, used by 'Curly' in "Punch Drunks" 1934

"Did I do that?"
World Wide Oil shortages, 2015/2016
Saudi Oil Minister

[h2]

westexas, this must come as quite a shock to you, LOL.

[westexas]

I'm "Shocked, shocked."

But I am surprised that the Saudi Aramco CEO acknowledged the decline.

[BobInget]

"Big Oil" cuts CAPEX
Shortages (higher oil prices) Guaranteed....
http://www.bloomberg.com/news/articles/ ... ng-to-fall

This is not shaping up to be 'mild,' forcing oil prices higher kind of shortage.

This is going to be the $5. a gallon, wait in line for an hour, kind of shortages.

Not that he deserves it completely, but President O will get the most blame;
'Losing Iraq'
"Coddling' Iran, IOW's not nuking them before Israel botched the job.
Letting Venezuela go w/o a fight.
Letting "the Jews" have their way with Iran.
Not signing on to Keystone XL, while still time.
Underestimating V. Putin's chess playing capability.
Not replenishing SPR with cheap oil when we had the chance.

Instead, we support doomed dictatorships like Saudi Arabia because we got a tiny economic boost from Saudi oil flooding. "Flood" dries up, drought ensues.

[jjhman]

BobInget:

You forgot to blame Obama for your bad breath and global warming.