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Saudi still has loads of oil
Posted: 13 Jan 2019, 12:57
by Vortex2
This may have already been posted ... but here goes ..
The kingdom revealed this week it has enough crude to pump at current rates for at least another 70 years. At the end of 2017, Saudi oil reserves stood at an eye-watering 268bn barrels, up from previous estimates of 266bn.
https://www.telegraph.co.uk/business/20 ... ever-need/
Re: Saudi still has loads of oil
Posted: 13 Jan 2019, 13:22
by vtsnowedin
Vortex2 wrote:This may have already been posted ... but here goes ..
The kingdom revealed this week it has enough crude to pump at current rates for at least another 70 years. At the end of 2017, Saudi oil reserves stood at an eye-watering 268bn barrels, up from previous estimates of 266bn.
https://www.telegraph.co.uk/business/20 ... ever-need/
I'll take that one with about a pound of salt.
Posted: 13 Jan 2019, 13:50
by adam2
I agree, no one reliably knows how much oil remains, in any country, nor in total.
But is widely accepted that we are at or nearly at the peak of oil production, which would correspond to about half of the once existing oil having been already extracted.
It would be a very silly engineer or geologist who told the King of Saudi Arabia that production had peaked.
Continued employment, and possibly continued life, would be reliant on stating that all is well.
Posted: 13 Jan 2019, 14:25
by Potemkin Villager
Since it was deemed that OPEC quotas were calculated on the basis of declared reserves these have only been subject to arbitrary upward revision.In terms of reality they mean nothing.
Posted: 13 Jan 2019, 16:58
by mikepepler
I've not read about Ghawar in a while, but last time I did the talk was about the steadily increasing % of water that was coming up with the oil, making it harder to process.
Posted: 13 Jan 2019, 17:37
by kenneal - lagger
I read years ago that Ghawar only produced because they were pumping thousands of barrels of sea water down the wells to push up the oil and that the water content produced was becoming a problem. As others have said above, "We will just have to wait and see!"
Mind you novel extraction methods are making the extraction of the currently low percentage of oil available for extraction in a reservoir much greater so we don't really know how much extractable oil there is. We do know how much that we can afford to extract though and that is a lot less than is now available.
Posted: 13 Jan 2019, 18:24
by emordnilap
It would not surprise me if there came a sudden (months) absolute drop in oil output some time soon. Unlikely, yes - but if it did, then ‘duh’.