Saudi prince wants lower oil prices

[JimH52]

Saudi prince calls for lower oil prices - CNN.com

Alternative fuels have the Saudi's concerned. Once their crude is gone, they got nothing.

 

[uscitizen]

It must be that gigantico shale oil thing in Texas that has them worried!

 

[JimH52]

It must be that gigantico shale oil thing in Texas that has them worried!

I doubt that...

 

[percysunshine]

The Saudis shut down Venezuela in 1998 by over producing and driving the price down to $13. They did the same thing in 1986. If they really want to, they can.

 

[JiggsCasey]

The Saudis shut down Venezuela in 1998 by over producing and driving the price down to $13. They did the same thing in 1986. If they really want to, they can.

bull.... shit....

wow, is there an abundance of fail throughout this subforum this week.

I'll be back to counter it when I have sufficient time. But supreme lawl to anyone insisting shale gas expansion will "take us away" from imported oil.

 

[percysunshine]

The Saudis shut down Venezuela in 1998 by over producing and driving the price down to $13. They did the same thing in 1986. If they really want to, they can.

bull.... shit....

wow, is there an abundance of fail throughout this subforum this week.

I'll be back to counter it when I have sufficient time. But supreme lawl to anyone insisting shale gas expansion will "take us away" from imported oil.

Post in the Lame Zone.

 

[JiggsCasey]

The Saudis shut down Venezuela in 1998 by over producing and driving the price down to $13. They did the same thing in 1986. If they really want to, they can.

bull.... shit....

wow, is there an abundance of fail throughout this subforum this week.

I'll be back to counter it when I have sufficient time. But supreme lawl to anyone insisting shale gas expansion will "take us away" from imported oil.

Post in the Lame Zone.

Mmm-kay... sure will.. as soon as you provide an array of evidence that Saudi can just "pump more" on a whim. Not what they "used to do," but what they CAN do.

Again, injecting sea water into your biggest fields in order to maintain pressure is a prime indicator your country may be at peak. Or past it.

 

[percysunshine]

bull.... shit....

wow, is there an abundance of fail throughout this subforum this week.

I'll be back to counter it when I have sufficient time. But supreme lawl to anyone insisting shale gas expansion will "take us away" from imported oil.

Post in the Lame Zone.

Mmm-kay... sure will.. as soon as you provide an array of evidence that Saudi can just "pump more" on a whim. Not what they "used to do," but what they CAN do.

Again, injecting sea water into your biggest fields in order to maintain pressure is a prime indicator your country may be at peak. Or past it.

'May be at peak' ?

So now you are not so sure...hmmm

 

[Mad Scientist]

Saudi prince calls for lower oil prices - CNN.com

Alternative fuels have the Saudi's concerned. Once their crude is gone, they got nothing.

Interviews on TV won't lower the price of crude. Saudi Arabia is an OPEC Nation, if they want to pump more, they have to agree upon it at one of their meetings.

 

[KissMy]

"We don't want the West to go and find alternatives, because, clearly, the higher the price of oil goes, the more they have incentives to go and find alternatives," said Saudi Prince Al-Waleed bin Talal

He also said on CNBC that he wants to lower oil prices to $75 a barrel.

The Oil Shale, Ethanol, Oil Sands, Shale Gas, GTL, LNG, CNG & Electric are eating into the Saudi Market Share of the USA Energy Consumption. Energy conservation is also playing a huge part.

 

[percysunshine]

The article is about politics, not geology.

 

[JimH52]

"We don't want the West to go and find alternatives, because, clearly, the higher the price of oil goes, the more they have incentives to go and find alternatives," said Saudi Prince Al-Waleed bin Talal

He also said on CNBC that he wants to lower oil prices to $75 a barrel.

The Oil Shale, Ethanol, Oil Sands, Shale Gas, GTL, LNG, CNG & Electric are eating into the Saudi Market Share of the USA Energy Consumption. Energy conservation is also playing a huge part.

Like I said, when their crude is gone, they got nothing to export. They should be concerned.

 

[JiggsCasey]

'May be at peak' ?

So now you are not so sure...hmmm

Speaking of the Lamezone... THIS is your response? Seriously?

One thing is for certain: I am far, FAR more sure that we are at global peak than you are that Saudi can just pump more oil on a whim to make up for MENA disruptions. I back up my claims time and time again here. You dance from accountability for yours.

Saudi can't pump more any more to offset decline in the region. This is confirmed by Sadad al-Husseini, and others. They say "there's a glut" to cover for the fact that their spare production capacity is a thing of the past.

 

[percysunshine]

'May be at peak' ?

So now you are not so sure...hmmm

Speaking of the Lamezone... THIS is your response? Seriously?

One thing is for certain: I am far, FAR more sure that we are at global peak than you are that Saudi can just pump more oil on a whim to make up for MENA disruptions. I back up my claims time and time again here. You dance from accountability for yours.

Saudi can't pump more anymore. Confirmed by Sadad al-Husseini, and others IN the Saudi oil industry.

Fuel Fix » Oil is headed for 1st monthly price drop since August

 

[JiggsCasey]

Fuel Fix » Oil is headed for 1st monthly price drop since August

Yes and? You read the story, correct? It's right in the lede paragraph.

Crushed demand due to global suffering has that short-term affect on prices. Not so good for the "infinite growth" paradigm you guys worship at the alter of, however. Awwww.

Long term, the trend is up up up. Sorry.

 

[percysunshine]

Fuel Fix » Oil is headed for 1st monthly price drop since August

Yes and? You read the story, correct? It's right in the lede paragraph.

Crushed demand due to global suffering has that short-term affect on prices. Not so good for the "infinite growth" paradigm you guys worship at the alter of, however. Awwww.

Long term, the trend is up up up. Sorry.

Never said anything about infinite growth. Now you are making stuff up out of thin air.

 

[KissMy]

Another thing on the Saudi Prince's mind is the fact that when oil prices spiked Russia surpassed Saudi Arabia to become the number one oil producer in the world in October of 2008. Saudi is going to have to lower it's price to get it's market share back. We could be seeing the start of oil price wars.

 

[percysunshine]

Another thing on the Saudi Prince's mind is the fact that when oil prices spiked Russia surpassed Saudi Arabia to become the number one oil producer in the world in October of 2008. Saudi is going to have to lower it's price to get it's market share back. We could be seeing the start of oil price wars.

People forget stuff. In 1986 the Sauds drove the price of oil down to $11 bbl...it shut the old Soviet Union down. Reagan and 'Star Wars' technology were ancillary. In the short term, they can do it if they want to.

The lowest cost per barrel producer always wins.

 

[JiggsCasey]

Never said anything about infinite growth. Now you are making stuff up out of thin air.

No, that would be you. Claiming that Saudi can just "pump more," being called on it, and running from backing up your hollow claim.

Fail.

The Oil Drum | The Fundamental Problem with Oil Prices

Russia and Saudi Oil Production and Consumption

Russia and Saudi Arabia are the world’s largest oil producers. They are also the world’s largest oil exporters, and from the perspective of a net oil importer like the U.S., oil exports matter far more than oil production. On this front, there is a critical difference between Russia and Saudi Arabia. Russia has continued to increase oil exports each and every year. Oil exports from Saudi Arabia, on the other hand, peaked in 2005.

Another important difference is that Russia, like nearly every other oil producing nation, does not claim to have any surplus production capacity. By contrast, Saudi Arabia is one of only four nations to claim that they have the ability to increase production at a moment’s notice. Saudi Arabia is, in fact, the only nation to claim significant surplus production capacity (3.15 million barrels per day), thus Saudi Arabia is the world’s swing producer.

Of course Saudi claims of surplus production capacity are not backed up by transparent and verifiable information, so market observers like me are left to interpret Saudi Arabia’s actions in addition to their words. Along these lines I am discouraged by the Kingdom’s actions. At the end of March, Saudi Arabian oil officials met with Halliburton to discuss plans to boost their oil-directed rig count by roughly 30%. The fact that there exists a strong inverse relationship between the amount of surplus production capacity and oil prices leaves the market observer wondering why on earth Saudi Arabia would make such a large investment to increase production capacity if their claims of having more than 3 million barrels per day of surplus production capacity reflect reality.

With Saudi Arabia already claiming production capacity of 12.5 million barrels per day, why would they look to further increase their production cushion? Do they think the price is too high, and look forward to earning less per barrel of exported oil? Obviously, not. Could it be that they are seeing internal demand climbing, and realize that without significant investment, their production cushion would be quickly eroded? Or could it be that their claim of 12.5 million barrels of capacity in place is, in fact, an overstatement?

According to a Saudi oil official interviewed by Reuters, the investment in new drilling rigs “is not to expand capacity. It’s to sustain current capacity on new fields and old fields that have been bottled up.” (1) This news on its own should be troubling as it infers that the Kingdom is facing significant declines on currently producing fields. Even more troubling is the recent statement by another senior Saudi oil official that the Kingdom “expects oil production to hold steady at an average of 8.7 million barrels per day to 2015.” (2) These statements made in regard to Saudi production call into question the Saudi willingness and ability to increase exports, which is tacitly understood to be the responsibility of the world’s only pivot producer. Moreover, these statements should come as a warning. If the Kingdom holds production flat, exports will decline by the rate of growth of internal demand, and Saudi domestic consumption has been growing at just under 10% per year.​

 

[RGR]

Jiggsy, why do you pretend that a blog, like TOD, is a source of anything except the ideas of a few people who in most cases aren't any smarter than you are on this topic?

Before TOD arranged their latest echo chamber, good ol' boy backslapping and choir singing church exercise in Washington, TOD was challenged to actually invite a world class scientist in the geoscience and resource fields to speak to the congregation. The guy recommended also happens to be a Hubbert historian, and would have been happy to attend.

The person who dared to know and name a real life, published and peer reviewed scientist on the topic was summarily banned.

Sounds to me like they are as afraid of a bright light being introduced under their rock as you are. You aren't shilling for that particular blog are you? Things been a bit slow since peak oil happened and no one noticed? Need to ramp up the scare factor to drive some traffic there way perhaps?