Saudi Story -- Interesting -- July 12, 2017

I think CNBC is about to report on this story: http://www.rigzone.com/news/oil_gas/a/150975/Report_Saudi_Aramcos_Manifa_Oilfield_Production_Hit_by_Technical_Issue?utm_source=DailyNewsletter&utm_medium=email&utm_term=2017-07-12&utm_content=&utm_campaign=industry_headlines_1.

Nope, CNBC did not report on that story. After the commercial, CNBC came back and simply reported on the usual mid-week crude oil data points. We'll get the official numbers later this morning.

The reason I thought CNBC was going to report on the Saudi story was because the "teaser" said that the price of WTI popped. Right now it looks like WTI is up about 1.6% to $45.74.

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Saudi Aramco To Spend $300 Billion Over Next Decade

Saudi Aramco is worried about global oil supplies in the out years. Interesting.

The story is at Bloomberg via Rigzone:

Saudi Aramco, which plans what could be the world’s biggest initial public offering, will invest more than $300 billion over the next decade to maintain its spare oil-production capacity and explore for more natural gas, President and Chief Executive Officer Amin Nasser said.

The outlook for oil supplies is “increasingly worrying,” with about $1 trillion in investments lost during the current industry downturn and fewer new deposits being discovered, Nasser said at a conference in Istanbul. Some estimates suggest that at least 20 million barrels a day of new output is needed over the next five years to offset rising oil demand and the natural decline of developed fields, he said.

“There seems to be a growing belief that the world can prematurely disengage from proven and reliable energy sources like oil and gas, on the mistaken assumption that alternatives will be rapidly deployed,” Nasser said in a speech on Monday. The petroleum industry will be at the heart of global energy for years, and the transition to use of alternatives will be “long and complex,’ he said.