Scott Posted July 8, 2022 Share Posted July 8, 2022 With world in energy shock, Saudi oil cushion gets very thin LONDON, July 8 (Reuters) - When French President Emmanuel Macron whispered in Joe Biden's ear last month that top global oil exporter Saudi Arabia has very little additional capacity to increase output, the U.S. President looked surprised. Biden is due to land in Riyadh later this month, and he will likely hear the same sobering message – don't count much on Saudi Arabia to help replace Russian oil. How much Saudi Arabia – seen as the "central bank" of global oil - can really pump is an industry secret and scepticism on this usually grows at times of high oil prices and strained global production. The kingdom, which says it can pump 12 million barrels per day, has regularly proved its doubters wrong in the past. https://www.reuters.com/business/energy/with-world-energy-shock-saudi-oil-cushion-gets-very-thin-2022-07-08/ Link to comment Share on other sites More sharing options...
Popular Post Chomper Higgot Posted July 8, 2022 Popular Post Share Posted July 8, 2022 Those of us who worked on what was termed in the industry as ‘The Secret Project’ know Saudi Arabia has more reserves than it cares to admit. 4 2 Link to comment Share on other sites More sharing options...
wombat Posted July 8, 2022 Share Posted July 8, 2022 4 hours ago, Chomper Higgot said: Those of us who worked on what was termed in the industry as ‘The Secret Project’ know Saudi Arabia has more reserves than it cares to admit. So I'm guessing Hydrogen motors won't be on the market just yet? Link to comment Share on other sites More sharing options...
Popular Post Srikcir Posted July 9, 2022 Popular Post Share Posted July 9, 2022 Pump more oil to lower oil prices. Not exactly an economic strategy that I'd think S.A. wants to follow. At least not without some serious political concessions by the West. 3 Link to comment Share on other sites More sharing options...
Credo Posted July 9, 2022 Share Posted July 9, 2022 1 hour ago, Srikcir said: Pump more oil to lower oil prices. Not exactly an economic strategy that I'd think S.A. wants to follow. At least not without some serious political concessions by the West. Well, yes and no. Some of our members may remember the Saudi Oil embargo of the early to mid -70's. It was largely over the support for Israel during the Israeli-Arab War. The US was extraordinarily dependent on OPEC. The embargo extended to a few other countries and caused major economic problems worldwide. In the US, there were long lines at the gas stations. To make a long, complex situation short, the upshot was that the US implemented rather drastic measures to curb oil usage. It triggered new measures that focused on energy conservation and development of domestic energy sources. These measures included the creation of the Strategic Petroleum Reserve, a national 55-mile-per-hour speed limit on U.S. highways, and later, President Gerald R. Ford’s administration’s imposition of fuel economy standards. It also prompted the creation of the International Energy Agency. Money was made available to insulate houses to conserve fuel oil. Saudi Arabia and OPEC learned a valuable lesson. Their control of oil was curtailed. The US, and much of the rest of the world could cut back on oil usage and this to some extent put Saudi Arabia in its proper place. Since then, the Saudis have maintained a pretty good and consistent supply to the world. Like a drug cartel, they don't want their customers to quit using. Now, as then, conservation is a key factor, but it's not in the best financial interest of the Saudis to have a massive and quick turn to renewables. It's in their interest to keep it flowing and nourish the addiction. I don't know much about the situation with Saudi reserves, but I believe that worldwide we are starting to see a diminishing amount of easily extracted oil. A good friend working in Kuwait told quite some time back that they were pumping as much and as quickly as possible, but they were facing diminishing capacity in existing wells. Perhaps the Saudis are reaching the point of diminishing capacity? 2 Link to comment Share on other sites More sharing options...
Popular Post Tropposurfer Posted July 9, 2022 Popular Post Share Posted July 9, 2022 I can't see why some folks are saying this but ... !!!!! ITS ALL JOE BIDENS FAULT !!!!!!... oh and those spooky leftist radicals lurking everywhere ... hahahaha???????????? 4 1 Link to comment Share on other sites More sharing options...
shackleton Posted July 9, 2022 Share Posted July 9, 2022 What about the strategic reserve that Present Biden was going to release to provide oil on the world markets ???? 1 Link to comment Share on other sites More sharing options...
Popular Post Isaan sailor Posted July 9, 2022 Popular Post Share Posted July 9, 2022 Interesting that America has vast proven oil reserves—yet the Biden administration attacks oil production at every step, in favor of their green energy agenda. Meanwhile, both China and India have increased energy from coal and oil, with oil coming at favorable prices from Russia. Amazing America. 3 1 Link to comment Share on other sites More sharing options...
Scott Posted July 9, 2022 Author Share Posted July 9, 2022 Posts making unsubstantiated claims without a supporting link from a credible source have been removed. Link to comment Share on other sites More sharing options...
Popular Post AndyFoxy Posted July 9, 2022 Popular Post Share Posted July 9, 2022 1 hour ago, Scott said: Posts making unsubstantiated claims without a supporting link from a credible source have been removed. https://www.reuters.com/business/energy/oil-us-reserves-head-overseas-gasoline-prices-stay-high-2022-07-05/ In regard to Biden sending part of the SPR to China, is Reuters credible enough for you? 5 Link to comment Share on other sites More sharing options...
Popular Post Hanaguma Posted July 9, 2022 Popular Post Share Posted July 9, 2022 Gee, if only there was a country next to the US that could provide oil. A fellow liberal democracy, with respect for human rights, with no compromising needed. A country with 170 BILLION barrels of proven oil reserves. Wouldnt it be a good idea to try and tap those reserves, perhaps with a.... pipeline perhaps? Nah...rather go hat in hand to the head hackers in the Middle East and beg them. Great national strategy. 4 3 Link to comment Share on other sites More sharing options...
AgMech Cowboy Posted July 9, 2022 Share Posted July 9, 2022 4 hours ago, shackleton said: What about the strategic reserve that Present Biden was going to release to provide oil on the world markets ???? Sending a bunch of it to his partners, "CHINA". They have him over a barrel. 1 Link to comment Share on other sites More sharing options...
Isaan sailor Posted July 9, 2022 Share Posted July 9, 2022 15 minutes ago, AgMech Cowboy said: Sending a bunch of it to his partners, "CHINA". They have him over a barrel. If true, an impeachable offense.. Link to comment Share on other sites More sharing options...
pegman Posted July 9, 2022 Share Posted July 9, 2022 (edited) 8 hours ago, Hanaguma said: Gee, if only there was a country next to the US that could provide oil. A fellow liberal democracy, with respect for human rights, with no compromising needed. A country with 170 BILLION barrels of proven oil reserves. Wouldnt it be a good idea to try and tap those reserves, perhaps with a.... pipeline perhaps? Nah...rather go hat in hand to the head hackers in the Middle East and beg them. Great national strategy. Never mind a pipeline that would take years to build. There is presently plenty of unused crude by rail capacity from Alberta to Gulf Coast refineries. Hundreds of thousands of barrels of heavy crude more a day could be shipped that way using the infrastructure build over the last decade. Joe is sucking and blowing at the same time. Trying to keep the eco warriors happy while gas prices reasonable. Canadian Crude Oil Exports by Rail – Monthly Data Jan/21-195k bbl per day Feb/22 144k bbl per day https://www.cer-rec.gc.ca/en/data-analysis/energy-commodities/crude-oil-petroleum-products/statistics/canadian-crude-oil-exports-rail-monthly-data.html Edited July 9, 2022 by pegman Link to comment Share on other sites More sharing options...
Hanaguma Posted July 9, 2022 Share Posted July 9, 2022 On 7/9/2022 at 10:00 PM, pegman said: Never mind a pipeline that would take years to build. There is presently plenty of unused crude by rail capacity from Alberta to Gulf Coast refineries. Hundreds of thousands of barrels of heavy crude more a day could be shipped that way using the infrastructure build over the last decade. Joe is sucking and blowing at the same time. Trying to keep the eco warriors happy while gas prices reasonable. Canadian Crude Oil Exports by Rail – Monthly Data Jan/21-195k bbl per day Feb/22 144k bbl per day https://www.cer-rec.gc.ca/en/data-analysis/energy-commodities/crude-oil-petroleum-products/statistics/canadian-crude-oil-exports-rail-monthly-data.html True to an extent, but shipping by rail is far more dangerous than by pipeline. Also more costly in the long run. The new Keystone pipeline alone would have shipped at least 800k barrels per day. But it was held up for a decade by political <deleted>wittery, culminating in John Kerry's idiotic comments that the pipeline might make the US look bad in front of the environmentalists. A missed opportunity. And now with a President that is openly hostile to the fossil fuel industry, there is very little appetite and incentive for investors to put money into the industry. 1 Link to comment Share on other sites More sharing options...
Popular Post Denim Posted July 9, 2022 Popular Post Share Posted July 9, 2022 I am done with speculations. I am now investing heavily in locally produced buffalo dung. I'm ahead of the game at last. Just got to figure out how to economically turn it into electricity.. My preliminary calculations indicate that 10 buffaloes can produce enough BS and methane to run my AC for a day. If only buffaloes didn't have to eat I'd be onto something. 3 Link to comment Share on other sites More sharing options...
pegman Posted July 9, 2022 Share Posted July 9, 2022 On 7/9/2022 at 10:55 PM, Hanaguma said: True to an extent, but shipping by rail is far more dangerous than by pipeline. Also more costly in the long run. The new Keystone pipeline alone would have shipped at least 800k barrels per day. But it was held up for a decade by political <deleted>wittery, culminating in John Kerry's idiotic comments that the pipeline might make the US look bad in front of the environmentalists. A missed opportunity. And now with a President that is openly hostile to the fossil fuel industry, there is very little appetite and incentive for investors to put money into the industry. It's called "tar sands" for a reason. Not exactly as flammable as the jet fuel like light oil coming out of North Dakota Link to comment Share on other sites More sharing options...
starky Posted July 9, 2022 Share Posted July 9, 2022 (edited) 4 hours ago, pegman said: It's called "tar sands" for a reason. Not exactly as flammable as the jet fuel like light oil coming out of North Dakota True that. Edited July 9, 2022 by starky 2 Link to comment Share on other sites More sharing options...
gearbox Posted July 10, 2022 Share Posted July 10, 2022 On 7/9/2022 at 6:24 AM, Isaan sailor said: Interesting that America has vast proven oil reserves—yet the Biden administration attacks oil production at every step, in favor of their green energy agenda. Meanwhile, both China and India have increased energy from coal and oil, with oil coming at favorable prices from Russia. Amazing America. China is a world leader in renewables and is likely to be the first big country drastically reducing dependency on fossil fuels: https://www.bloomberg.com/news/articles/2022-05-30/china-set-to-double-last-year-s-record-solar-panel-installations The Chinese don't want dependency on foreign oil and gas, Russian or from anywhere else. 1 Link to comment Share on other sites More sharing options...
Isaan sailor Posted July 10, 2022 Share Posted July 10, 2022 6 hours ago, gearbox said: China is a world leader in renewables and is likely to be the first big country drastically reducing dependency on fossil fuels: https://www.bloomberg.com/news/articles/2022-05-30/china-set-to-double-last-year-s-record-solar-panel-installations The Chinese don't want dependency on foreign oil and gas, Russian or from anywhere else. Talk is one thing. The fact remains that China uses more fossil fuels than ever. And they’re the #1 polluter on this planet. 1 Link to comment Share on other sites More sharing options...
gearbox Posted July 11, 2022 Share Posted July 11, 2022 3 hours ago, Isaan sailor said: Talk is one thing. The fact remains that China uses more fossil fuels than ever. And they’re the #1 polluter on this planet. There are the no 1 polluter, one would expect that, it is the global factory and there are nearly 1.5 billion of them. However having 1200GW generation capacity by 2030 only from wind and solar is a lot, considering that all sources of generation capacity of US are 1115GW combined. "In 2020, the pandemic year, installed electricity generation summer capacity [14] in the United States was 1115.68 gigawatts (GW), up 16.57 GW from 2019." 1 Link to comment Share on other sites More sharing options...
Isaan sailor Posted July 11, 2022 Share Posted July 11, 2022 24 minutes ago, gearbox said: There are the no 1 polluter, one would expect that, it is the global factory and there are nearly 1.5 billion of them. However having 1200GW generation capacity by 2030 only from wind and solar is a lot, considering that all sources of generation capacity of US are 1115GW combined. "In 2020, the pandemic year, installed electricity generation summer capacity [14] in the United States was 1115.68 gigawatts (GW), up 16.57 GW from 2019." The green dream is just that. EVs will need charging. People forget that most electricity still comes from fossil fuels. Just how many windmills and solar farms and dams would it take to replace the fossil fuels used in electricity generation in the USA? Link to comment Share on other sites More sharing options...
Pattaya Spotter Posted July 11, 2022 Share Posted July 11, 2022 (edited) Don't worry...Joe Biden is going to the murderous "pariah" MBS on bended knee to beg him to turn up the oil taps ???????????????? https://youtu.be/sulLEFHCi1A Edited July 11, 2022 by Pattaya Spotter 1 Link to comment Share on other sites More sharing options...
KhunLA Posted July 11, 2022 Share Posted July 11, 2022 (edited) 56 minutes ago, Isaan sailor said: The green dream is just that. EVs will need charging. People forget that most electricity still comes from fossil fuels. Just how many windmills and solar farms and dams would it take to replace the fossil fuels used in electricity generation in the USA? No time like the present to start building them. Not going to happen if everyone is simply talking about the pros & cons of, and how it can't be done. Who ever thought we'd be carrying a computer & camera around in our phones ... and yet Or is that a computer & phone in our camera ... ???? Edited July 11, 2022 by KhunLA 1 Link to comment Share on other sites More sharing options...
Isaan sailor Posted July 11, 2022 Share Posted July 11, 2022 2 hours ago, KhunLA said: No time like the present to start building them. Not going to happen if everyone is simply talking about the pros & cons of, and how it can't be done. Who ever thought we'd be carrying a computer & camera around in our phones ... and yet Or is that a computer & phone in our camera ... ???? Kind of a reality stretch—a 4 oz smartphone to a 2000 lb transportation system. I hope you’re right, but it won’t happen without breakthrough technologies. And you can bet China will use fossil fuels as long as they run cheaper than green energy. Link to comment Share on other sites More sharing options...
Scott Posted July 11, 2022 Author Share Posted July 11, 2022 A post with altered quotes has been removed. Please don't alter anything inside a quote box. 28. You will not make changes to messages quoted from other members posts, except for purposes of shortening the quoted post. Do not shorten any post in a way that alters the context of the original post. Do not change the formatting of the post you are quoting. https://aseannow.com/terms/ Link to comment Share on other sites More sharing options...
Pattaya Spotter Posted July 14, 2022 Share Posted July 14, 2022 No worries...Joe Biden's new policy is to MSAGA! 1 Link to comment Share on other sites More sharing options...
KhunLA Posted July 14, 2022 Share Posted July 14, 2022 (edited) On 7/11/2022 at 12:17 PM, Isaan sailor said: Kind of a reality stretch—a 4 oz smartphone to a 2000 lb transportation system. I hope you’re right, but it won’t happen without breakthrough technologies. And you can bet China will use fossil fuels as long as they run cheaper than green energy. China does have a problem. Too many people, not enough sunshine, half the year???? Does anyone really care (except Chinese) how China gets 'their' energy, as long as they keep providing inexpensive components for alternative energy for the rest of us. Without China, people couldn't afford alternatives to fossil fuels. Edited July 14, 2022 by KhunLA 1 Link to comment Share on other sites More sharing options...
placeholder Posted July 14, 2022 Share Posted July 14, 2022 On 7/11/2022 at 9:18 AM, Pattaya Spotter said: Don't worry...Joe Biden is going to the murderous "pariah" MBS on bended knee to beg him to turn up the oil taps ???????????????? https://youtu.be/sulLEFHCi1A Well, Donald Trump bent his knee to MBS and scuttled the Iran nuclear deal. That's a lot of oil and gas that's gone missing from the world market thanks to Trump kowtowing to the Sunni Arabs and Israel. 1 Link to comment Share on other sites More sharing options...
candide Posted July 14, 2022 Share Posted July 14, 2022 On 7/9/2022 at 10:11 AM, AgMech Cowboy said: Sending a bunch of it to his partners, "CHINA". They have him over a barrel. On 7/9/2022 at 10:27 AM, Isaan sailor said: If true, an impeachable offense.. B.S.! The government did not choose to whom it was send. It was a competitive bidding process and the oil has been sold to the highest bidders per current regulation. Oil price is a global price so in order to decrease prices, there is no other way than to increase global supply. Be it by selling strategic reserves, by allowing Iran to sell its oil or by convincing S.A. to increase supply, the outcome is the same. It doesn't really matters who buys or sells, It's the law of supply and demand at the global pevel Link to comment Share on other sites More sharing options...
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