Saudi oil production

[Value Buy]

URL: www.cnbc.com/id/43303603/

Saudi Arabia has quietly been raising production, but it has not quelled the commodity pricing, as of yet.

It will be interesting after the OPEC meeting if crude falls, but OPEC has been really irrelevant in pricing for the last six months.

[yclept]

www.cnbc.com/id/43303603/

Fixed link.

[Value Buy]

Well, as everyone knows, the cartel is in turmoil, and the also rans now control the system.
Some talking heads are talking $125 a barrel in the near future, but I do not see that happening.

[yclept]

www.guardian.co.uk/business/2011/feb/08/saudi-oil-reserves-overstated-wikileaks

www.guardian.co.uk/environment/blog/2011/feb/15/oil-saudi-arabia-reserves?INTCMP=ILCNETTXT3487

I don't think the Saudis have anywhere near the reserves they claim. They claim more reserves in the ground than were estimated back in the 1950s when they nationalized Aramco. That's 70 years of extraction and there's more left now than were estimated then? Every estimate since the nationalization has been under the control of the Saudi government -- they can say what they want with no independent audit to verify the claims.

The world has probably already reached peak oil, yet with the majority of its population only now moving into oil-consuming lifestyles. Once the demand exceeds the diminishing supply significantly, cost won't matter much as there just plain won't be enough at any price.

[Value Buy]

Jun 9, 2011 19:28:30 GMT -5 @yclept said:

www.guardian.co.uk/business/2011/feb/08/saudi-oil-reserves-overstated-wikileaks

www.guardian.co.uk/environment/blog/2011/feb/15/oil-saudi-arabia-reserves?INTCMP=ILCNETTXT3487

I don't think the Saudis have anywhere near the reserves they claim. They claim more reserves in the ground than were estimated back in the 1950s when they nationalized Aramco. That's 70 years of extraction and there's more left now than were estimated then? Every estimate since the nationalization has been under the control of the Saudi government -- they can say what they want with no independent audit to verify the claims.

The world has probably already reached peak oil, yet with the majority of its population only now moving into oil-consuming lifestyles. Once the demand exceeds the diminishing supply significantly, cost won't matter much as there just plain won't be enough at any price.

I agree to a point. They probably are inflated, but technology has found so much unknown oil in the last two decades.
Look at the USA. We have oil where they thought there was no hope of getting it in the Dakhotas, etc.
My big question is China. I have a feeling these guys are probably sitting on more oil that the rest of the world combined, and they to the best of my knowledge are not actively looking for it. Kind of like a poker player holding the cards close to their chest. In fifty years, they will be be cartel.
The Gobi desert area and northern climes have to have it. Why would this area of the world be oil free?

[Value Buy]

Oil took a big hit today, and took stocks along for the ride.
Some pundits claim lack of actual demand, and the Saudi increase in production, will finally lower oil prices.