Saudi Oil Reserves 30% less!

  wids001 16:22 09 Feb 11
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Leaked US documents state that Saudi Arabia has overstated their oil reserves by nearly a third and cannot pump enough to keep prices down.

Looks like we're headed for another global recession. Still, that'll bring the prices down.

  GANDALF <|:-)> 16:54 09 Feb 11

'warning from a senior Saudi oil executive, who said the country's crude oil reserves have been overstated by nearly 40 percent, some 300 billion barrels'...so heresay from one person who does rather have a vested interest in prices being kept high. I shall file this under 'usual cobblers'.

G

  OTT_B 21:57 09 Feb 11

These would be the reserves that doubled in capacity over night a few years ago when OPECs quota rules changed, to say that a member state can pump a percentage of their oil reserves.

I'd expect that all other OPEC countries are well overstated as well.

  Forum Editor 23:38 09 Feb 11

It sounds to me as though it might be, although there's no way to be sure. The Saudis will pump more oil if they have it in their reserves,and can sell it but at the moment it is beginning to look as if they may not have it.

One thing is for sure - the current high price of crude oil is giving refiners a tough time. They can't pass on the full increase to their customers, so their margins are dropping, and the result of that at the Saudi end is less demand for what comes out of the ground. Vicious circle or what?

Saudi has big reserves in the ground, but oil in the ground is no good unless you can sell it. They're pumping 9 million barrels a day, and they're having trouble selling that. They need to pump 12 million barrels a day if prices are to fall.

  KremmenUK 06:49 10 Feb 11

I have noticed of late that the M25 is considerably lighter around my side of it since the prices rose.

Friday evenings used to be stop/start but are now quite free flowing.

Junctions 11 to 15 clockwise Friday teatime :)

  dororof 02:29 11 Feb 11

The people in charge of "Public" finances are only the "mouth pieces" of those who are in "had oc" with those who presume to know what the price of their product is.
Does this make sense??????

  OTT_B 08:19 11 Feb 11

I find myself in the unusual position of agreeing with fourm member.

  Quickbeam 10:24 11 Feb 11

This could be as serious to the motorist as is the ice cream shortage affecting Knickerbocker Glory consumers.

  GANDALF <|:-)> 10:25 11 Feb 11

Saudi Arabia has naff all to export apart from oil. The country needs huuuuuuge reserves o'cash flowing in as Saudi PLC is wickedly expensive to run and especially as the vast majority of it's staggeringly ginormous investments in property (especially office/shopping space), have about as much retained value and rental income as a beach house in Somalia.
To use the vernacular, when oil was at $70 a barrel, the Saudi Government was bricking it. Until very recently all their oil storage capacity was full as no one was buying oil, odd that in a recession, they are suddenly bereft of oil and going down the pan to boot.
Oil is not used just for petrol as the Hippies and Greenies would like us to believe. Petrol is MERELY a by-product of the refining process and most oil is used....to make plastics and due to the global recession, use of plastics (therefore oil) has been curtailed somewhat.

Oil tankers are usually owned by private companies who then sub-let them to shift the oil. Their daily hire price is the lowest in years as is the price of hiring bulk cargo ships. If the daily rental of oil tankers is low then one can only assume that they are desperate for work and it does not take a genius to work out the rest.

Forget all the cobblers about rocketing oil prices due to scarcity, war, famine, flood, hand O'God, check out bulk carrier rental prices and you will see the correct picture rather than the picture those with vested interests (a large proportion of the cost of a barrel of oil is due to speculation on the money exchanges) would like you to fret about. Lateral thinking is always worth a punt and I've not even started on about the availability of Shale Oil.

G

  Quickbeam 10:53 11 Feb 11

Out of idle interest I Googled 'beach houses in Somalia', I'mclick here quite surprised by the number of links available

  Quickbeam 10:55 11 Feb 11

...I should think it's a good place for pirate theme parties.

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