Or are they just plain out of oil?
rockdoc123 wrote:Or are they just plain out of oil?
the statement was made in 2006 when they were just starting on the mega-projects. It was apparent that at that time their spare capacity was eaten up by demand. That was reason for the mega projects and the drive to get to 12.5 MM/bbl spare capacity by 2011.
A recent report by the International Energy Agency (IEA) said Russia had overtaken Saudi Arabia as China’s leading supplier of crude oil at the end of last year. Russia Today’s analysis says its home country’s exports to the PRC had more than doubled over the course of the past years—an increase equivalent to 550,000 barrels a day.
The “oil friendship” between Russia and China is two-sided: the Polish Centre for Eastern Studies said China became Russia’s main oil customer in 2015 as well.
New projects worth several billion dollars between Moscow and Beijing have led the two countries to cooperate closely regarding energy industry issues.
Come on Rock. They keep promising. Maybe it is time to find a new girlfriend who puts out?
There is no concise definition of spare capacity,
Perhaps those successful upgrades merely maintain production at a 2005 level? Mask the decline in other fields? Perhaps the recent additions at Haradh and Manifa only make up for equivalent losses at Uthmaniyah and Shedgum and other declining legacy fields.
Your opinion. Not those of billions of the world's poor who would enjoy our copious lifestyle.
pstarr wrote:rockdoc123 wrote:There is no concise definition of spare capacity,
Wrong, the EIA definition (which everyone who works in the oil and gas business uses) is the volume of production that can be brought on in 30 days time and maintained for a minimum of 90 days.
Then I don't see how you can say SA has 2.25 mbpd of spare capacity if spare production has never been brought on line. That would suggest that SA turns one well on, then another off simultaneously. SA is pumping full bore has has never pumped near 12.25
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.
ROCKMAN wrote:T - "Add in the fact that KSA has said repeatedly they are more interested in market share than price, yet for the last six months or longer their market share has been eroding...". damn, buddy. It almost sounds like you're accusing the KSA of being disingenuous. You better watch it: they have friends in low places. LOL.
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:ROCKMAN wrote:T - "Add in the fact that KSA has said repeatedly they are more interested in market share than price, yet for the last six months or longer their market share has been eroding...". damn, buddy. It almost sounds like you're accusing the KSA of being disingenuous. You better watch it: they have friends in low places. LOL.
I know it just goes from January 2014 to January 2016, but that trend line from August 2015 to 2016 sure looks clear to me ROFLMAO!
Then I don't see how you can say SA has 2.25 mbpd of spare capacity if spare production has never been brought on line. That would suggest that SA turns one well on, then another off simultaneously. SA is pumping full bore has has never pumped near 12.25
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