It only proves that Saudi Arabia has reached or passed peak oil and now are in decline.
rockdoc123 wrote:It only proves that Saudi Arabia has reached or passed peak oil and now are in decline.
nothing to do with supply, their exports are dropping because of lower demand for their oil.
rockdoc123 wrote:It only proves that Saudi Arabia has reached or passed peak oil and now are in decline.
nothing to do with supply, their exports are dropping because of lower demand for their oil.
pstarr wrote:vtsnowedin wrote:The more pertinent fact is that the total of crude oil exported anywhere in the world peaked in 2005 and is in decline. So as KSA reduces it's exports there is already nowhere else to turn to.
http://www.eia.gov/cfapps/ipdbproject/i ... &unit=TBPD
Your assumptions are wrong. Rockdock says demand peaked. Not oil. There is tons of oil under the ground. Everybody has tight-shale. (it's under the Big Ben clock for instance). Green River Shale is huge:wiki wrote:The Green River Formation contains the largest oil shale deposit in the world. It has been estimated that the oil shale reserves could be equal up to 3 trillion barrels (480 billion cubic metres) of shale oil, up to half of which may be recoverable by shale oil extraction technologies (pyrolysis, hydrogenation, or thermal dissolution of kerogen in oil shale).[12][13][14][15][16]
Do the math (I can't) but 3 trillion/30 billion (one year) is like 100 years or something. With high technology (AI, robots, etc.) this stuff is easy to get, without all those damn envros
However, the above quoted estimate of 'recoverable' oil is in doubt, and challenged, by many renowned geologists[who?] because the technology for recovering oil from the Green River oil shale deposit has not been developed, and it has never been profitably implemented at any significant scale.[17]
pstarr wrote:I am not so sure of that snowyguy;Exactly.“THE Stone Age did not end for lack of stone, and the Oil Age will end long before the world runs out of oil.” This intriguing prediction is often heard in energy circles these days. If greens were the only people to be expressing such thoughts, the notion might be dismissed as Utopian. However, the quotation is from Sheikh Zaki Yamani, a Saudi Arabian who served as his country's oil minister three decades ago. His words are rich in irony.
westexas wrote:To recap, as annual Brent crude oil prices rose from $25 in 2002 to $55 in 2005 (approximately doubling), Saudi net exports increased from 7.1 mbpd in 2002 to 9.1 mbpd in 2005.
As annual Brent crude oil prices rose from $55 in 2005 to an average of $110 for 2011 to 2013 inclusive (exactly doubling), Saudi net exports declined, as the Saudi Aramco CEO admitted, to an average rate of 8.7 mbpd for 2011 to 2013 inclusive.
Saudi Arabia said on Thursday it had successfully cut into its huge state budget deficit this year and will increase government spending in 2017 to boost flagging economic growth.
The deficit shrank to 297 billion riyals ($79 billion) in 2016. That was well below a record 367 billion gap in 2015, and below the government's projection in its original 2016 budget plan of a deficit of 326 billion riyals.
"Our economy, thank God, is sturdy and it has enough strength to cope with the current economic and financial challenges," King Salman said in a nationally televised address to introduce the budget for 2017.
The financial challenges for Saudi Arabia stem largely from the fall in the global price of oil over the past 2½ years.
Malicious software attacked a safety system in August at Saudi Aramco, the world’s largest oil company, in what is the first-ever example of malware targeting the computer systems designed to prevent a disaster at an industrial facility. The attack was first described by the computer security firm FireEye in a blog post last week, which did not name the victim of the attack. But a confidential report obtained by Foreign Policy and authored by Area 1 Security, a computer security firm founded by veterans of the U.S. National Security Agency, identifies Aramco as the victim of the attack. In a statement, Aramco, Saudi Arabia’s national oil company and a pillar of its economy, denied the attack took place: “Saudi Aramco corporate and plants networks were not part of any cyber security attack or breach.” FireEye declined to comment on its clients or the
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.
Does anyone know what the real break even profit is for KSA? I see guesstimates ranging anywhere from $65/bbl all the way up to $115/bbl. I don't normally think in terms of a nation with only one source of income, the USA has taxes on a great number of things each generating a unique income stream.
(Reuters) - (John Kemp is a Reuters market analyst. The views expressed are his own.) Saudi Aramco’s [IPO-ARAM.SE] partial privatization has loomed over the oil market for the last two years, influencing expectations about oil prices, but what if it never happens? The possibility of selling a minority stake in the giant oil company was first mentioned in a newspaper interview published in January 2016 by then-Deputy Crown Prince Mohammed bin Salman. The possibility merited little more than a brief mention in a section about economic reforms, diversification and privatization of state assets. (“Interview with Muhammad bin Salman”, Economist, Jan. 6, 2016). But this passing reference has spawned an enormous amount of activity from consultants, bankers, stock exchanges, governments and journalists all competing to benefit from the sale of the century. Saudi Aramco has reportedly prepared a set of corporate accounts to international standards and .
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