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Page added on July 30, 2022

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Saudi Arabia announces peak production in 2027

Saudi Arabia announces peak production in 2027 thumbnail

The information received less comment than the “check” exchanged between Joe Biden and Mohammed bin Salman. However, it is more important for the energy future of humanity. During his meeting with the US President on July 16, the Crown Prince of Saudi Arabia announced that the country’s oil production is set to peak at 13 million barrels per day, meaning it will plateau before gradually declining. Once that level is reached, “the kingdom will no longer be able to increase its production any further,” the prince said in a speech.

According to a recent statement by the Energy Minister, the announced threshold should be reached in 2027. It is lower than what Saudi Arabia previously thought possible. In 2004, national oil company Saudi Aramco promised a US think tank, the Center for Strategic and International Studies, that it could produce 10 to 15 million barrels a day “at least by 2054.”

100 million barrels a day

Mohammed ben Salman’s surprising statement raises questions in a context where demand for oil continues to rise. Around 100 million barrels are gobbled up every day worldwide. From industry to chemicals to transportation, our societies remain extremely dependent on oil, the true “blood” of the global economy. Without rapid and sustained decarbonization efforts, demand is expected to reach 104 million barrels in 2026, according to projections by the International Energy Agency (IEA).

Saudi Arabia plays a key role in supplying the world with black gold. The country is the second largest oil producer in the world after the United States. In 2021, its production reached 10.7 million barrels per day (Mb/d). It also has the largest reserves of conventional oil on the planet.

An oil field operated by Aramco in 1981. Public domain/Ray Stevens via Wikimedia Commons

In a column for Bloomberg, journalist and energy specialist Javier Blas puts forward two hypotheses about the reasons that may have prompted the kingdom to revise its ambitions downwards. The country could expect a drop in demand due to the fight against climate change and therefore be reluctant to invest billions in expanding its production. But this explanation seems unlikely since the prince presented this threshold as “irrevocable”. “If money is not the obstacle, then geology must be,” says the journalist.

The kingdom is struggling to find enough oil fields to offset the decline in its aging fields. Prince Mohammed bin Salman’s announcement may reflect his concerns about his ability to profitably ramp up production. “If it is geology and not some form of pessimism about the future of oil demand that is holding back rising Saudi production, the world could face a difficult situation if consumption is stronger than expected,” warns the journalist.

Inevitable demise

Without an increase in Saudi production, “it is doubtful whether world oil supplies can keep pace with ever-increasing demand in the coming years,” he commented on twitter Energy specialist Maxence Cordiez, Head of European Public Affairs at the French Alternative Energies and Atomic Energy Commission (CEA). One may wonder if Saudi Arabia […] will even manage to reach 13 Mb/d in 2027 and sustain that production. »

The global landscape is hardly more reassuring. Half of the existing oil production comes from “mature” fields, which will therefore decline in the next few years. Many oil-producing countries – such as Algeria, Nigeria or Angola – have already been seeing their production fall for several years, while others – such as Russia – are expected to decline in the 2020s an inevitable peak in oil production in the 2030s due to lack of reserves.

For both Javier Blas and Maxence Cordiez, Mohammed ben Salmane’s announcement provides an additional reason to decarbonize our economy. “If the prospects for supply decrease, we either adjust our demand voluntarily and by design, or it has to be forced to adjust by the price,” says the French engineer. This last option, he explains, promises to be “economically painful, especially for the humblest.”

Reporterre – S Chronicles



9 Comments on "Saudi Arabia announces peak production in 2027"

  1. Cloggie on Sat, 30th Jul 2022 10:51 am 

    Most likely date global peak oil: 2025

    https://deepresource.wordpress.com/2022/07/30/peak-oil-saudi-arabia-2027-global-peak-oil-2025/

  2. makati1 on Sat, 30th Jul 2022 4:44 pm 

    1st: S.A. has already reached its max, sustained production. The lies are being exposed.

    2nd. This is the first time I have not been able to find out who pays for an article. ‘Spam Chronicles’ does not come up in search. ???

  3. Duncan Idaho on Sun, 31st Jul 2022 2:14 pm 

    Most likely date global peak oil: 2025

    They need to surpass Nov of 2018 first–
    We are millions of barrels below that currently.
    Don’t hold your breath.

  4. print baby print on Tue, 2nd Aug 2022 11:56 pm 

    most likely 2005

  5. Cloggie on Wed, 3rd Aug 2022 4:42 am 

    Most likely not 2005:

    https://transportgeography.org/contents/chapter4/transportation-and-energy/peak-oil/

    Most likely 2025:

    https://deepresource.wordpress.com/2022/07/30/peak-oil-saudi-arabia-2027-global-peak-oil-2025/

    Or before that date, if a major war breaks out, which is likely.

  6. FamousDrScanlon on Wed, 3rd Aug 2022 12:38 pm 

    clog stop watering your lawn you fucking selfish bastard.

    Hot, dry summer: Dutch government declares water shortage

    “THE HAGUE, Netherlands (AP) — The Dutch government declared a national water shortage Wednesday caused by the hot, dry summer that is parching much of Europe, and formed a national team to draw up measures to manage supplies, while asking the public to also chip in with savings.

    “The water shortage is already having a negative effect on shipping and agriculture in particular,” said Minister of Infrastructure and Water Management Mark Harbers.

    He urged people “to think carefully about whether they should wash their car or completely fill their inflatable swimming pool. The Netherlands is a water country, but our water is precious here too.”

    https://apnews.com/article/health-water-shortages-netherlands-agriculture-67b9e34c5962a5e248889ed5326d7824

    Oh and don’t forget to point out that I said a swear word so you can delude yourself into thinking anyone gives a fuck about that since 1955.

    Clog has no problem gassing jews, but swear words offend him mightily. Fuck you dutch bitch. Go pick me some flowers you cheap $5 anal whore.

  7. FamousDrScanlon on Wed, 3rd Aug 2022 1:05 pm 

    Europe’s Rhine River Is on the Brink of Effectively Closing

    “Water levels on the Rhine River are set to fall perilously close to the point at which it would effectively close, putting the trade of huge quantities of goods at risk as the continent seeks to stave off an economic crisis.”

    “Europe is already facing its worst energy-supply crunch in decades as Russia chokes off natural gas, stoking inflation. Now climate change is adding to the continent’s woes. An impassable river could halt the flow of everything from fuel to chemicals as governments try to prevent the energy crisis from tipping the region into recession.

    “Coal shipments are already restricted by low water levels because fewer ships are available, and the ones that are ready to use carry less cargo,” energy supplier EnBW AG said in a statement. “Shipment costs for coal are therefore increasing, which in turn inflates the costs of operating coal plants.”

    https://www.bloomberg.com/news/articles/2022-08-02/europe-s-vital-rhine-river-is-on-brink-of-effectively-closing

    I like how every MSM article manages to blame Russia for something.

  8. Biden's hairplug on Wed, 3rd Aug 2022 3:24 pm 

    I have no lawn, you kosher loser and oven dodger. I have a vegetable garden and 2 IBC vessels, filled with rain water:

    https://www.kruizinga.nl/ibc-container/vloeistofcontainer/035/nieuw/99-035-kp

    Just cleaned out my freezer with more than 100 kg food leftovers from last year, to make room for the next harvest.

    Go sit at the back of the bus, you invasive species.

  9. FamousDrScanlon on Wed, 3rd Aug 2022 5:03 pm 

    clog I keep telling you, I’m not a Jew, I’m a Jew lover and there are hundreds of millions of gentile Jew lovers out there.

    Try not to lose a cucumber up your ass again. It must be embarrassing for you going to the hospital to get your vegetable removed from your ass pipe. Try using a string like girls have on their tampons.

    They Got What Stuck Where?

    Having to retrieve a foreign body from a patient’s rectum is just part of working in health care.

    “Among the hundreds of thousands of entries in the National Electronic Injury Surveillance System database last year, there are a handful of cringe worthy ones that stand out: at least 53 instances of objects lodged in patients’ rectums.

    The objects weren’t all run-of-the-mill sex toys, either. The data show a range of objects were retrieved, including the handle of a screwdriver, a shot glass, a root beer bottle, a bowling pin, a salt shaker, a toilet bowl brush, a hammer, a broom handle, a baseball and a wine cork that had been wrapped in paper towels, electrical tape and a condom.”

    https://www.usnews.com/news/articles/2016-06-10/they-got-what-stuck-where

    ….

    Americans are still #1 at shoving things in their orifices.

    What Did We Get Stuck in Our Rectums Last Year?

    America continues to lead—and to innovate.

    All reports are taken from the U.S. Consumer Product Safety Commission’s database of emergency room visits, and all descriptions are verbatim. Objects are sorted by orifice, working south:

    https://www.vice.com/en/article/v74mgb/what-did-we-get-stuck-in-our-rectums-last-year

    Jew are still #1 at all the things that matter.

    Jews are superior to clog and his inbred tribe of losers we bitch slapped twice last century.

    clog has spent his entire life steaming mad a Jews existing.

    clog has spent his entire life trying to get someone, anyone to get rid of Jews. Jews have only gotten more powerful and loved – because unlike clog many of them used their time making great contributions to society, but that matters not to clog because he is stuck on a small handful of finance/banking Super Jews. Big whoop. If you killed them someone else, Chinese, Indian, white boy, whomever will take their place and not ONE FUCKING THING IS YOUR SAD WASTED LIFE WOULD CHANGE. Power is power and you have a child’s understanding of it at best. That is the price of being religious. What is the name of your faith that eliminating Jews will change the world called?

    Yes clog you are indeed a true believer. A man of faith and a tireless missionary spreading your gospel across the internet.

    It’ll never happen but it would be fun to look at your face after all the Jews were gone and the moment came when you realized not ONE FUCKING THING is different nor ever will be.

    Look at what the elite are doing. They are consumed with gaining more power and wealth even while they know we have triggered catastrophic runaway climate change on top of a host of other predicaments and problems that are consequences of unprecedented human overshoot. They can’t help themselves. A cancer only knows more. It’ll go like that until the world is in ruin. Your dream will remain a child’s fantasy in a man child’s brain. You must have been wounded deeply to carry on the way you do.

    P.S. Jews are awesome!!

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