Arab oil producers will need about $700 billion in financing for petroleum sector projects over the next 10 years to assure the sustainability of the Middle East and North Africa region's key industrial sector, Saudi Arabia's oil minister said Thursday.Remember: Saudi Arabia's $35 billion, 5-year program announced in 2012 to raise crude oil production was a bust. Now we have another leaf in the twirling tea leaves suggesting Saudi Arabia is concerned about "sustainability." And yet, they continue to give their oil away at $50/bbl.
Forecasting a continued rising trend in global oil demand to the tune of about 1 million b/d, despite the current market oversupply and sluggish world economic growth, Ali al-Naimi said annual depletion from producing fields was running at about 4 million b/d. He calculated that the petroleum industry would need to add 5 million b/d of new production every year to satisfy future demand.
"This needs financial solutions at the Arab and international level. Investment should include all the phases of production and manufacturing," he said during a keynote speech at the Apicorp Energy Forum in Bahrain.
In the context of the sustained slump in oil prices since mid-2014, which officials addressing the forum described as a financial and economic crisis for Arab countries, petroleum sector sustainability in the Middle East and North Africa region emerged as a key concern during a ministerial panel session.
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The Apple Page
I have no idea what this story was about but the story had nothing to do with Apple Corp. But accompanying the story was this photo:
Just saying.
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A Note to the Granddaughters
From last night's District Band concert.
From four middle schools of seventh and eighth graders, one hundred musicians were selected to become the "District Band." Of the one hundred musicians, 80 were eighth graders, 20 were seventh graders. Our own Arianna was one of the twenty. She is one of 12 flutists, sitting in the 10th chair, meaning she is ahead of at least one eighth grader (and, of course, one of 12 selected from scores of competitors).
The District Band had a one-day clinic yesterday, from 7:00 a.m. to 4:00 p.m. under the direction of two Texan accomplished conductors. After the clinic, at 7:30 p.m., the District Band then had a concert. Midway through the concert was this percussion ensemble. I was impressed.
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