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2004-09-28 Arabia
Saudis to Raise Oil Production
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Posted by Fred 2004-09-28 2:53:10 PM|| E-Mail|| Front Page|| [11131 views since 2007-05-07]  Top

#1 Saudis to raise oil production before Americans develop fuel cells and alternative sources of energy.
Posted by 2b 2004-09-28 2:59:50 PM||   2004-09-28 2:59:50 PM|| Front Page Top

#2 "I question the timing of this announcement!"

Posted by .Abu JFnSkeery 2004-09-28 3:03:40 PM||   2004-09-28 3:03:40 PM|| Front Page Top

#3 The poor baby lolol
Posted by Mark Espinola 2004-09-28 3:42:24 PM||   2004-09-28 3:42:24 PM|| Front Page Top

#4 that is hilarious! I want one!!
Posted by 2b 2004-09-28 3:45:53 PM||   2004-09-28 3:45:53 PM|| Front Page Top

#5 1.5 mil bbl/day? Mark do they have that kind of excess capacity anymore?
Posted by Shipman 2004-09-28 4:09:13 PM||   2004-09-28 4:09:13 PM|| Front Page Top

#6 Actually its the same one that is being used on his lectern this thursday.
Posted by Jack is Back  2004-09-28 4:09:40 PM||   2004-09-28 4:09:40 PM|| Front Page Top

#7 Shipman, I don't believe they do have that much excess production capacity. No one can control oil prices today.

If gas prices at the pump rise by another 40-50 cents, then Kerry may well have a chance in Nov. The undecideds are much less informed, less partisan and more likely to vote on immediate economic issues or instincts than other voters, and gas prices would tip them against Bush.
Posted by lex 2004-09-28 4:16:25 PM||   2004-09-28 4:16:25 PM|| Front Page Top

#8 These prices have nothing to do with capacity. It's all rampant price speculation. The Saudi Ambassador says they have kicked up production by 1 million barrels.
Posted by Sock Puppet of Doom  2004-09-28 4:20:26 PM|| [http://www.slhess.com]  2004-09-28 4:20:26 PM|| Front Page Top

#9 I believe, from the last numbers I saw while in Aramco, the Saudi "peak", and it is a level that cannot be sustained indefinitely, is just about 12M bbl/day. Maintenance issues prevent them from having more than that online - or keeping it up for long. This bump, assuming they actually do it, is prolly the last of their capacity. As they lose Western engineers, drillers, etc., this peak will begin to slide downward, to boot - serious maint and facility productivity upgrades (via new technology & techniques) are mainly the province of the Westerners... who are still leaving in some numbers, according to one of my last remaining friends, there. This is prolly the highest level we'll see from Saudi - ever.
Posted by .com 2004-09-28 4:25:48 PM||   2004-09-28 4:25:48 PM|| Front Page Top

#10 Dotcom - Why does the Mother Goose story of the Golden Goose keep coming to mind? Hmmmmm. . . .
Posted by Doc8404 2004-09-28 4:58:25 PM||   2004-09-28 4:58:25 PM|| Front Page Top

#11 Hey, Doc, lol! All totalitarian regimes have the same problem: "yes men". They are almost always the last to know when they've finally squeezed the life outta the poor girl, heh. The ChiComms, House of Saud, Mad Mullahs - same for all of them. The Saudis, employing Westerners - a few of whom will tell the truth no matter who asks, are the only ones in the lot who might find out "whassup?" before it expires - and have a chance of working out a sensible decline of existing production - and push exploration for new reserves - which most of the pros think they will find. They're pushing natural gas (with their new ChiComm partners, lol) hard right now.
Posted by .com 2004-09-28 5:09:42 PM||   2004-09-28 5:09:42 PM|| Front Page Top

#12 Whacha think, .com? $50/bbl oil ought to get alternate sources (oil and non oil) a good boost. If congress can get its head out of its collective ass, ANWR and the national petroleum reserve can get into the Trans Alaska Pipeline and into the market, also North Slope gas has a great contribution to make. At least that is the story from here.
Posted by Alaska Paul 2004-09-28 5:25:00 PM||   2004-09-28 5:25:00 PM|| Front Page Top

#13 They're pushing natural gas (with their new ChiComm partners, lol) hard right now.

And with Russia's Gazprom (see ChevronTex deal).
Posted by lex 2004-09-28 7:05:24 PM||   2004-09-28 7:05:24 PM|| Front Page Top

#14 At $50/bbl doesn't shale and tar sands also qualify? If I recall correctly from the '70's there is gobs of that stuff. Of course the refineries needed to convert it to anything useful could not come on line for years. Rats!!
Posted by remote man 2004-09-28 7:10:00 PM||   2004-09-28 7:10:00 PM|| Front Page Top

#15 Ship, the Saudis have the excess capacity but the market has already factored additional exports of Arabian oil.

Nigerian oil is a far better grade of oil which can not be easily replaced from other sources.

Check link for types of oil
Posted by Mark Espinola 2004-09-28 7:15:40 PM|| [http://www.leeric.lsu.edu/bgbb/3/display.html]  2004-09-28 7:15:40 PM|| Front Page Top

#16 SH - You should direct that to lex, I gave up on the Dhimmicrats 100% - and anything like ANWR will require cooperation. And would they let us build a new refinery? We've been at 100% of capacity for decades. Not likely anytime soon, as far as I can see.

lex - why do you still talk about guys like Biden in the same breath as Lieberman? You and I both know Chia Pet Joe Plagiarist Biden isn't an honest broker. Saw him defending Skeery on Fox the other day - and he's a total whore - played all of the memes as truth. I've never heard Joe Lieberman ever tell an obvious falsehood, in any venue. Sure wish there was another Dhimmicrat I could say that about. Make that about 20 Dhimmi Senators and, say, 40 Dhimmi Reps - then we would have enough votes to at least start working our way out of the oil trap. I wish you were taking over for McAuliff - you could bitch-slap the lot of 'em, lol! And I have the feeling you would. I've given up on them - about 3 yrs gone, now.
Posted by .com 2004-09-28 7:18:03 PM||   2004-09-28 7:18:03 PM|| Front Page Top

#17 Mark - Unless our new best buddy Khadaffy Duck decides to hustle those new facilities. He can pump more than he can refine, or so I recall, and Libyan crude is the sweetest grade going. Mebbe a consolidation of Mo's new-found responsibility could be matched with some serious Western investment to hurry things along. For the time being, everyone is maxxed out, as far as I know.
Posted by .com 2004-09-28 7:21:18 PM||   2004-09-28 7:21:18 PM|| Front Page Top

#18 'remote man' are you speaking of the process called coal gasification?
Posted by Mark Espinola 2004-09-28 7:24:15 PM||   2004-09-28 7:24:15 PM|| Front Page Top

#19 dot,

Biden's in full election mode, as is McCain on the other side of the aisle. If the Dems can't get him and other senior members to fall in line, then they have ceased to be a party and are now merely a collection of 527s.

yes, ANWR must be opened up, sooner the better. And time to look at nuclear again. Even the enviro extremists are starting to say favorable thing about nuclear power. And bring us the natural gas ASAP. Another reason to work closely with Putin.
Posted by lex 2004-09-28 7:41:20 PM||   2004-09-28 7:41:20 PM|| Front Page Top

#20 IIRC sustained prices north of $40 make a lot of US reserves worht uncapping and pumping.

Sustained prices over $45 make shale and other sources doable.

But the only reason oil is this high is speculation. And Speculation is not sustainable - first guy to flinch wins, last guy out loses (Ask the Hunts about the Silver market).
Posted by OldSpook 2004-09-28 8:28:08 PM||   2004-09-28 8:28:08 PM|| Front Page Top

#21 Most wall street analysts expect oil to stabilize around $35/bbl.
Posted by lex 2004-09-28 8:54:02 PM||   2004-09-28 8:54:02 PM|| Front Page Top

#22 Lex, the problem with most 'Wall Street' analysts is they are so-called 'experts' in the world stocks not commodities.

When crude oil had fallen back to $29.00 a barrel I stated oil was heading for $50.00 or higher within one year and listed Nigeria among other hot spots as one of the key reasons, a number of those very same 'stock experts' laughed. A $20.00 a barrel increase does not have them laughing now, does it? Will they admit they were dead wrong? Don't hold your breath.

In fact while I have your attention I go one better, during this upcoming winter of 2004-5 do not rule out $55.00 to $62.00 a barrel oil especially if the Northeast gets slammed with a bitterly cold winter. Heating Oil is also going to be more expensive then last year as well as Propane & Natural Gas costs. Once Bush is re-elected the Islamic terrorist enemy (including Iran) will intensify their petroleum sabotage directed at Opec & non Opec oil exporting nations.

Iran, Opec's #2 oil exporter is trying to go full steam ahead for nuclear weapons aimed at Israel and other 'enemies'. Removing Iran's mullahs also means potentially severe disruptions in Iranian crude exports to overseas customers. $100 a barrel can NOT be ruled out contingent on how serious the Iranian problems develop over the next 6 months
Posted by Mark Espinola 2004-09-28 9:49:54 PM||   2004-09-28 9:49:54 PM|| Front Page Top

#23  .com, you are on target there.
Posted by Mark Espinola 2004-09-28 9:50:50 PM||   2004-09-28 9:50:50 PM|| Front Page Top

#24 Follow up data concerning Iranian oil:

According to the Oil and Gas Journal (1/1/04), Iran holds 125.8 billion barrels of proven oil reserves, roughly 10% of the world's total, up from 90 billion barrels in 2003 (note: in July 2004, Iran's oil minister stated that the country's proven oil reserves had increased again, to 132 billion barrels, following new discoveries in the Kushk and Hosseineih fields in Khuzestan province). The vast majority of Iran's crude oil reserves are located in giant onshore fields in the southwestern Khuzestan region near the Iraqi border and the Persian Gulf. Iran has 32 producing oil fields, of which 25 are onshore and 7 offshore.

Iran exports around 2.6 million bbl/d, with major customers including Japan, China, South Korea, Taiwan, and Europe.

Iran's main export blends include Iranian Light (34.6° API, 1.4% sulphur); Iranian Heavy (31° API, 1.7% sulphur); Lavan Blend (34°-35° API, 1.8%-2% sulphur); and Foroozan Blend/Sirri (29-31° API). Iran is also the largest heavy fuel oil exporter in the Middle East.

If or when Iranian exports are removed from global supplies the effect will be 30% to 50% more in terms of current record price levels.

See link for more data
Posted by Mark Espinola 2004-09-28 10:03:49 PM|| [http://www.eia.doe.gov/emeu/cabs/iran.html]  2004-09-28 10:03:49 PM|| Front Page Top

#25 Who would want, or have the financial capacity or practical experience to speculate in financial markets just prior to an election? George Soros?
Posted by Mrs. Davis 2004-09-29 9:03:10 AM||   2004-09-29 9:03:10 AM|| Front Page Top

23:55 Paul Revere
23:55 Paul Revere
23:52 The Prosecutor
23:52 The Prosecutor
23:50 The Prosecutor
23:50 The Prosecutor
23:46 FU
23:46 FU
22:32 FU
22:25 FU
22:21 FU
22:17 FU
22:17 FU
19:34 Anonymous6709
18:20 Anonymous6707
17:54 Anonymous6706
13:33 Anonymous6703
10:15 lex
09:03 Mrs. Davis
06:37 Howard UK
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05:50 Sock Puppet of Doom
05:42 Michael
02:19 Mohammed al-Sahaf
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