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Page added on December 10, 2018

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Saudi oil output at 11.1 Mmbpd in Nov.

Production

Saudi Arabia’s oil minister Khalid Al-Falih said Friday the kingdom produced 11.1 million barrels per day (Mmbpd) in November, but should reduce production by 400,000 Bpd in December amid lower demand, Kallanish Energy reports.

Speaking at a press conference in Vienna after the 5th Opec/Non-Opec meeting, Al-Falih said loadings for December were falling and customers were being notified as the cuts Saudi Arabia committed to making beginning next month.

In December, the kingdom is expected to produce 10.7 Mmbpd, and then reduce its production by 500,000 Bpd in January, to average 10.2 Mmbpd, he said. The commitment is for Saudi Arabia to cut its production by 2.5% from its October levels, which would mean roughly 267,000 Bpd.

However, Al-Falih said the country will “more than bear its share” of the production reduction deal, “as it has been doing for the past 18 months in order to show by example.” He noted Saudi Arabia “will start 2019 on the right foot,” as it would only be required to bring production down to 10.4 Mmbpd beginning in January.

Demand in Saudi Arabia is dropping due to January’s cold weather, but Al-Falih also said international demand for its crude have been falling. The peak seen in mid-2018 was driven by anticipation of the effect of sanctions on Iraqi production on the market, he said.

Buyers ordered more Saudi crude to fill their inventories, and now are asking for fewer cargoes as the U.S. sanctions on Iran have been “relaxed,” Al-Falih noted.

When asked on whether the Saudi-U.S. relationship would be impacted by Friday’s agreement, the minister said it shouldn’t as energy is only one element of a “multifaceted strong relationship” between the two countries.

“I think we are doing the right thing … we are meeting consumers’ expectations from East to West,” Al-Falih said. “And let’s be honest, the biggest oil producer is clearly the U.S., I’m sure (U.S.) producers are breathing a sigh of relief that we’re providing some certainty and visibility for 2019.”

He also pointed out despite President Trump’s calls, low oil prices “are not good for the U.S. economy,” given the weight the oil industry has on the country’s job creation and exports revenue.

kallanishenergy



33 Comments on "Saudi oil output at 11.1 Mmbpd in Nov."

  1. GetAVasectomyDudeLifeSuckAss on Mon, 10th Dec 2018 3:11 pm 

    https://www.youtube.com/watch?v=_9AZh68Xq8c

    This is Macron speech to the France nation.
    Comments are really good because RT does not censor comments unlike BBC,CBC and French National news networkd.

    Comments give you an idea of the anger of people living in Western nations. Anger at everything: immigrants, political elite, globalism, rich and so on

  2. Donald J Chump on Mon, 10th Dec 2018 4:45 pm 

    Whites are angry at everyone… BUT THEMSELVES!

    The world is really crying for the whining white boy.

  3. I AM THE MOB on Mon, 10th Dec 2018 5:59 pm 

    Donald

    So true..And just wait til the rioting and anarchy starts..The old white man will stroke out when I beat down his door and breed his daughter!

    LMFAO!

  4. Cloggie on Mon, 10th Dec 2018 6:14 pm 

    “So true..And just wait til the rioting and anarchy starts..The old white man will stroke out when I beat down his door and breed his daughter!”

    No response from lame white cuckish Americans whatsoever!

    The mobster openly announces their demise, but they don’t fight back. He declares his solidarity with the house negro Donald J. Chimp, who mobster intends to use as the new proletariat to execute his impending neo-bolshevik revolution against white America.

    The other day the kiken sociopath announced he was going to annaly rape davy’s daughter.

    What do you think davies response was? NOTHING.

    Total pushovers.

  5. I AM THE MOB on Mon, 10th Dec 2018 6:55 pm 

    Clogg

    Payback is going to be a bitch for the white devil!

  6. I AM THE MOB on Mon, 10th Dec 2018 7:29 pm 

    When people tell me I need to ride my bike to fight against climate change!

    https://i.imgur.com/hcmpbU2.jpg

  7. I AM THE MOB on Mon, 10th Dec 2018 8:03 pm 

    Clogg

    “We’re not far from civil war” – The Story of the Latest Gilet Jaunes Protest

    https://www.euronews.com/2018/12/10/we-re-not-far-from-civil-war-the-story-of-the-latest-gilet-jaunes-protest

  8. GetAVasectomyDudeLifeSuckAss on Mon, 10th Dec 2018 9:38 pm 

    He taxation is getting worst and world in Western nation.

    This is an example from Canada.

    Vancouver city councillors to consider 4.9 per cent property tax increase

    Increase reflects impact of inflation, the province’s Employer Health Tax and more money for infrastructure

    https://www.cbc.ca/news/canada/british-columbia/2019-vancouver-property-tax-rate-1.4938859

    Comments are also interesting read. Some reference to yellow vest in France can be found in the comment section

    Don’t worry people of Canada, everything is fine according to the government, Canada is the best country is the world according to them.

  9. Anonymous on Mon, 10th Dec 2018 9:59 pm 

    For perspective, you can look at Stuart Staniford’s TOD article on Saudi declines.

    He extrapolated a single year decline (of a known price fixer) into the idea that SA would have 8% per year decline, maybe more, and was powerless to stop it.

    http://www.theoildrum.com/node/2325

    Doing Stuart’s math, we should expect current SA production to be around 3 MM bopd right now. Instead we are at 11+

  10. makati1 on Mon, 10th Dec 2018 11:22 pm 

    Taxation in the Philippines:
    GDP per capita 2018 = ~ P150,000./$3,000US

    Income tax:

    Under P250,000/$5,000 = Zero taxes (Most Filipinos)

    Graduated to:

    P800,000/$40,000US = P130,000/$2,600. or ~6 1/2% (Top 10%)

    P8,000,000/$160,000 = P2,500,000/$5,000US or ~31% (Top 1%)

    Real estate taxes start at P2,500,000 or $50,000. Few homes here are above that range. Our farmhouse is under that value. Remember, labor here is about $1 per hour. No bennies. A construction laborer in the city make less than the minimum taxable income per year. Ditto for most other workers unless they are in some profession.

  11. Cloggie on Tue, 11th Dec 2018 12:13 am 

    Huge rally in Rom to back Salvini and fight the invasion of the Donald J Chimp’s of this world:

    http://www.pi-news.net/2018/12/rom-zehntausende-demonstrierten-fuer-die-politik-von-matteo-salvini/

    It looks that we have given them a little too much development aid and handouts, now they think we owe them a living. Instead we should treat them like enemy-combattants. It’s coming al(t)right.

  12. Davy on Tue, 11th Dec 2018 4:13 am 

    CW2 Euro style. Just like the US and its unraveling but I place my bets on the US and China not Europe to hold together its current arrangement. There is no PBM except as a Rump of Russia and the US. Europe will be eaten like a sandwich yet again because of its arrogance and laziness.

  13. Davy on Tue, 11th Dec 2018 4:40 am 

    Neder’s neighbor and his idea of a prosperous Europe. A PBM leader…cough.cough LOL

    “Why The French People Feel Screwed”
    https://tinyurl.com/ydgt4bpp

    “Fuel tax rises — announced in November before being retracted on December — were intended to help bring down France’s carbon emissions by curbing the use of cars. Macron makes no secret of his wish to be seen as a global leader for environmental reform. He forgets that back at home, among the people who elected him, fuel prices really matter to those outside big cities, where four-fifths of commuters drive to work and a third of them cover more than 30km each week. The increases have incensed people in smaller communities, where they have already seen speed limits reduced to please the Greens and cuts to the local transport services. These additional costs-of-living increases come at an extremely bad time for ordinary French people working outside of Paris. Lower-middle class families are not poor enough to receive welfare benefits but have seen their income flat-line whilst cost-of-living and taxes have risen. An analysis by the Institut des Politiques Publiques think-tank shows that benefits cuts and tax changes in 2018 and 2019 will leave pensioners and the bottom fifth of households worse off, while the abolition of the wealth tax means that by far the biggest gains will go to the top 1%. This is tough to swallow. Macron is seen as being out of touch with ordinary people and is unlikely to escape his new title, “the President of the Rich.” “People have this feeling that the Paris technocrats are doing complicated things to screw them,” said Charles Wyplosz, an economics professor at the Graduate Institute of International and Development Studies in Geneva.”

    “Macron most likely needs to plough ahead with his reform agenda, and doubtless knows he has the support of a solid majority in the National Assembly to do so. France is crippled by debt (nearly 100% of GDP) and its grossly bloated public sector. There are 5.2 million civil servants in France, and their number has increased by 36% since 1983. These represent 22% of the workforce compared to an OCDE average of 15%. Tax-expert Jean-Philippe Delsol says France has 1.5 million too many “fonctionnaires [officials]. When you consider that public spending in France now accounts for 57 per cent of gross domestic product. Soon the system will no longer function as there will be less and less people working to support more and more people working less”.

  14. Davy on Tue, 11th Dec 2018 4:43 am 

    Neder’s other neighbor:

    “Number Of German Gun Licenses More Than Double During Migrant Crisis”
    https://tinyurl.com/yc2qnvgd

    “The German government has been struggling to contain a rise in violence and social anxiety that rocked Europe’s wealthiest nation since Europe’s refugee crisis started just over three years ago, when Chancellor Angela Merkel first announced her “open doors” policy in response to a wave of refugees fleeing Syria, Afghanistan and North Africa. The result: German citizens are now rushing to obtain basic firearms licenses. According to a report from Deutsche Welle, rising perceptions of “insecurity” were cited as a driving factor in the increase of issued firearms licenses. Some have suggested that the trend could trigger situations similar to the US, where gun violence has become a major social problem. German authorities issued more than 600,000 weapons licenses, representing an increase of 130% since 2014, according to the latest figures published by Redaktionsnetzwerk Deutschland (RND). For perspective, there were only 261,332 licenses in 2014.”

  15. Davy on Tue, 11th Dec 2018 4:52 am 

    Another Russian black hole. Money to failed states never gets repaid. I wonder how the rest of South America feels about NUK bombers on their continent especially in a failed state in the making? We know how our board lunatic JuanP feels. He will ejaculate over it.

    “Russia Deploys Nuclear-Capable Tu-160 Bombers To Venezuela”
    https://tinyurl.com/y9dh3j4q

    “Previously US defense officials warned that Russia was preparing to deploy nuclear-capable Tu-160 Blackjack bombers to Venezuela this week in continuation of scheduled training, but which Pentagon leaders see as a provocation, given both countries are under sanction and seen as “rogue” states. This comes as President Nicolas Maduro, who is overseeing one of Venezuela’s worst political and economic crisis in decades, has been increasingly reliant of Russia for aid, and after he visited Moscow last week and signed an estimated $6 billion deal with Putin, promising investment in the oil and mining sectors, with military modernization aid to boot.”

    “Despite Russia offering to throw cash-strapped Venezuela a multi-billion dollar life-line, the Latin American country has routinely been unable to repay its debts.”

  16. Davy on Tue, 11th Dec 2018 5:03 am 

    This is just another 2019 head wind and not confined to Australia. There are pockets in the US and Europe. China is facing a serious problem. Canada has seen the Hongcouver bubble burst already. Add this to trade wars and central bank tightening and 2019 should be exciting for doomers at least.

    “Australia Warned To Prepare For “Severe Housing Collapse” And “Banking Crisis”
    https://tinyurl.com/y6whouyd

    “As John Rubino recently noted, for the past few years, homeowners just about everywhere have been able to finesse life’s problems by thinking “at least my house is going up.”… But now that’s ending, and a reverse wealth effect is kicking in. Homeowners are seeing their home equity – aka their net worth – stop growing and in some cases drop by shocking amounts. In Australia it’s $1,000 a week, which is enough to darken the mood of pretty much anyone not in the 1%. A consumer with a dark mood is an unenthusiastic shopper because new debt accelerates the decline in net worth. As home prices fall, so therefore does “discretionary” spending. Australians will continue to eat and to air condition their bedrooms, but they’ll cut way back on vacations, new cars, etc. And the debt-based part of the economy will suffer. This will cause stock prices to fall, knocking another leg out from under the average citizen’s net worth and making them even less likely to splurge. And so on. Credit-bubble capitalism depends on mood, which makes it fragile. That fragility is about to be on full display pretty much everywhere.”

  17. Antius on Tue, 11th Dec 2018 10:55 am 

    Another excellent article from Kris DeDecker on the topic of energy security.

    https://www.lowtechmagazine.com/2018/12/keeping-some-of-the-lights-on-redefining-energy-security.html

    Many off-griders have adapted well to intermittent energy supply, by adapting their demand patterns in line with supply. They perform energy intensive tasks when energy is available and plan their activities accordingly. As a society, our energy use characteristics have evolved on the assumption of continuous power. Our way of life; our institutions and ways of working, are simply adapted to that situation. Because of this, it appears impossible to contemplate living in any other way and renewable energy schemes tend to envisage heavy investments in energy storage as a means of reliably balancing supply to match discretionary demand. Any business or individual trying to operate on intermittent energy would be at a disadvantage to anyone else that does not. Hence it appears impossible to even consider a way of life in which many activities are constrained, part of the time, by lack of power. Energy security is like a drug at the societal level; the more secure the energy supply is, the less we are able to adapt to disruptions.

    DeDecker argues that adapting life to more intermittent supply is the most important aspect of the energy transition. He argues that the way of achieving this is to reduce the reliability of the power supply and let consumers adapt accordingly. I tend to agree with him. If it were possible for society to make efficient use of intermittent power without the need for back-up and storage, then a complete transition to renewable energy would be straightforward. The need for fossil fuels would largely disappear. But living on intermittent energy requires a different way of life.

    The energy transition is therefore all about adapting to intermittency. If any subsidies and government interference are applied to any aspect of the energy economy, this is where it should be.

  18. Cloggie on Tue, 11th Dec 2018 11:35 am 

    In line what Antius said above, in the future the weather forecast could acquire a dramatic quality about it.

    For the rest, relax yellow vests, Macron is merely preparing you for the selfdriving car.lol

    Now put down that brick!

  19. Mac de Mobis on Tue, 11th Dec 2018 12:17 pm 

    This is a lie. Matthew told us before he was killed that Saudi oil was near collapse, and that was over 10 years ago! Other eminent peak oil authorities agreed that the peak happened in the early 2000s. Past tense, not future tense.

    Please, we know better than this drivel. Saudi Arabia is pumping more water now than oil!

  20. Dredd on Tue, 11th Dec 2018 1:30 pm 

    Oilah Akbar

  21. Cloggie on Tue, 11th Dec 2018 4:03 pm 

    “Matthew told us before he was killed that Saudi oil was near collapse“

    Matthew 11.2-11, to be precise.

  22. Davy on Wed, 12th Dec 2018 5:32 am 

    Cloggy I did like you at first but now I can see you are complete ass wipe who need to take his medication before happy hour at his retirement home .

  23. JuanP on Wed, 12th Dec 2018 6:13 am 

    Cloggie, kiss my Jewish ass. I support Jewish Arts. Many are my friends here in South Florida.

  24. JuanP 1st Feb 2016 on Wed, 12th Dec 2018 6:14 am 

    I watched a handful of non Western movies at the Miami Jewish Film Festival recently that were surprisingly good. I especially recommend “Fire Birds”.

  25. JuanP on Wed, 12th Dec 2018 8:02 am 

    Identity theft! Identity theft above! The two comments above are by the board’s lunatic, not me. I am not Jewish and the Miami Film Festival hasn’t started yet.

    It is very easy to tell that those comments were not written by me because they are lies, and I only lie to protect my wife. I only remember lying on this forum once, when I pointed out my farm’s location on a map. The farm is not actually in that exact spot. Everything else I say here is my own version of the truth.

  26. Davy on Wed, 12th Dec 2018 8:47 am 

    dirty Juan you are so mentally unstable these days I can see you manufacturing elaborate ruses to make it look like identity theft against you. You need to get on your lithium. You were once a valuable contributor although always foul mouthed and combative. These days you contribute “NOTHING”. You are truly a wounded and trapped animal and all the more reason for you lashing out so wildly every day. I try to ignore you but sometimes I need to speak my mind. You are tarnishing a forum that was once respected. Thank god your gang is nearly gone. Billy will never leave until he dies. His only friends are here. You are going to freak out one day and you will be gone. Anon is irrelevant and just an occasional turd that washes in. You on the other hand are an extremely nasty effluent. Everyone wants you gone except neder and billy that find it agreeable that you dilute my message that neuters theirs. You give them cover and this enable their extremist message.

  27. Davy on Wed, 12th Dec 2018 9:54 am 

    I’m so proud of myself.

    I’ve completely destroyed this forum for everyone else but Davy.

  28. JuanP on Wed, 12th Dec 2018 10:12 am 

    OK, Davy, I take credit for fucking with you. I will fuck with you for as long as I can; I enjoy doing it. ROFLMFAO! Come on, Exceptionalist, grow a pair and take it like a man. It is time you fought some real battles and stopped hiding behind your murdering, criminal, terrorist government. Go take back the streets of St. Louis! LOL! You are such a sad fuck, Exceptionalist! Not even your children love you!

  29. Davy on Wed, 12th Dec 2018 10:14 am 

    OK, dirty juan at least you are coming clean on the identity theft like above:

    Davy on Wed, 12th Dec 2018 9:54 am

    Juan, for everyone in your life go back on your lithium. Stop the self medication that is causing you so much pain and madness. You can do better.

  30. Davy on Wed, 12th Dec 2018 10:56 am 

    Y’all can think of this board as a microcosm of the real world.

    If I can’t have total control of the board, I will destroy it for everyone else. Just like what my country has been doing, and will continue to do, to the entire planet.

    Kicking and screaming. Until death do us part.

  31. JuanP on Wed, 12th Dec 2018 3:34 pm 

    I AM DA MAN!

  32. JuanP on Tue, 22nd Dec 2015 6:57 am on Thu, 13th Dec 2018 6:54 pm 

    They make me smile and happy and give me a brief respite from my cronic and acute depression.

  33. Davy Indentity Theft on Thu, 13th Dec 2018 6:57 pm 

    JuanP on Wed, 12th Dec 2018 3:34 pm
    JuanP on Thu, 13th Dec 2018 6:54 pm

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