Re-posting.
Perhaps the most interesting column today and by one of my favorite writers, Simon Watkins. Archived.
- Last week, Saudi Aramco’s chief executive officer, Amin Nasser, said that the company expects to boost its oil production capacity to 13 million barrels per day (bpd) by 2027.
- The EIA defines spare capacity very specifically as production that can be brought online within 30 days and sustained for at least 90 days.
- Saudi Arabia stated for decades that it had a spare capacity of between 2.0 and 2.5 million bpd.
- Saudi Arabia pumped an average of 8.162 million barrels per day of crude oil. Not 10 million, 11 million, 12 million, 13 million, or any other figure that it suits the Saudis to dream up: 8.162 million barrels per day.
There's a long history of this "Saudis are running out" silliness.
ReplyDeletehttp://theoildrum.com/node/2325
Peak oilers gonna peak oil. And they've been wrong over and over.
Simone is a fool. The reason why the Saudis aren't pumping all out is because they want to raise price by restricting supply. Classic cartel behavior. (Duh.)
I think you’re missing the point.
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