Tuesday, June 20, 2017

US Now Surpasses Saudi Arabia In Crude Oil + Petroleum Liquids -- June 20, 2017


I originally posted this story as one of several stories 'cause I thought it had simply to do with Saudi Arabia. In fact, it was a story on global reserves.

What I find amazing, is that very few folks in America will even learn that the US now surpasses Saudi Arabia in crude oil and liquid petroleum:

Saudi Arabia's reserves grow, from Platts, data points:

  • due to the kingdom lowering tax rates for state producer Saudi Aramco
  • recoverable oil resources grew by 73 billion bbls this year
  • the new number: 276 billion bbls in reserves
  • Saudi re-claims the global top spot for oil resources
  • tax rate for Saudi Aramco cut to 50% from 85% as part of moves to attract private investors ahead of the planned IPO in 2018
  • only other countries to increase their reserves last year were Kazakhstan and the US
  • US: the increase was 13 billion bbls; new total: 263 billion bbls (in same ballpark as Saudi Arabia)
  • if NGLs were included in the total, the US would surpass Saudi Arabia by 50 billion bbls
  • globally: world's total recoverable resources have rise 29 billion bbls since 2016; total stands at 2.2 trillion bbls now; or 73x the current annual production rate
  • as much as 40% of the recoverable oil requires oil prices higher than $80/bbl
This is all due to the Bakken. Period. Dot.

Memo to self: remember to send note to Jane Nielson.

Melancholy Vs Depression

This was the BeeGee's first #1 single.


The year I met the love of my life.

How Can You Mend A Broken Heart, The Bee Gees

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