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46 comments on Saudis officially happy with $100 oil

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memmel on November 13, 2007 - 7:28pm Permalink | Subthread | Parent | Comments top

The key problem is that the argument keeps changing yet oil production remains stagnant. From memory at first it was fear that prices could drop then refineries where maxed out then ...

Anyone with a teenager should be able to easily see this sort of reasoning.

My next guess is they are concerned about global warming and want to encourage the world to wean itself off of oil.

Being such nice guys and all.

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Xisithrus on November 13, 2007 - 7:36pm Permalink | Subthread | Parent | Comments top

Of the 65 largest oil producing countries in the world, 54 are past their “Peak Oil” production and are now in decline, including the USA, down 11% since 1971, and the UK’s North Sea oil reserves are down 27% since peaking in 1999. Other big oil producers (more than 500,000 bpd) that are in decline include Australia, down 26% since 2001, and Norway, down 13% since 2001. The Cantarell oil field, Mexico’s largest has also peaked with its output falling to 1.7 million bpd in 2007, down from its peak output of 2.1 million bpd.
Global Oil Shock
I would have to disagree the demand is there.

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stiv on November 13, 2007 - 10:04pm Permalink | Subthread | Parent | Comments top

Remember, there's no transparency in Aramco's business. Take on faith or not at all.

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bmcnett on November 14, 2007 - 3:26am Permalink | Subthread | Parent | Comments top

"past their “Peak Oil” production and are now in decline, including the USA, down 11% since 1971"

No, the USA is down about 50% since 1971. It's declining at an average 2% per year. At this rate, the USA will be at 25% of peak by 2030, producing 2mb/d - about 10% of today's consumption. The extra 90% will need to be imported, assuming consumption does not increase.

Consumption in the USA has increased at about 2% per year since 1971, so it too should double by 2030, meaning that the USA will at that time produce 5% the oil it consumes, thus requiring imports to cover the remaining 95%.

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