Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on November 14, 2011
Saudi Arabia to become world’s largest crude oil producer
Saudi Arabia will overtake Russia as the world’s largest crude oil producer by 2015, as output from new Russian fields fails to offset increasing decline of oil at mature deposits, the International Energy Agency (IEA) said recently.
But while Russia’s output will plateau at 10.5 million barrels per day, Saudi Arabia’s will rise to match Russia’s in roughly 2015, and hit 14 million bpd by 2035.
Russia will see output fall to 9.7 million barrels per day by that date, provided it implements new stimulus measures for upstream production, the IEA said.
The government forecasts steady output of roughly 10 million barrels per day until 2020. The IEA figures are likely to be higher due to a difference in the basis for its calculations.
As for the price of oil, the report warns that oil prices may reach an all-time high of $150 per barrel, if investments in the MENA region decline by about a third of the estimated $100 billion needed annually in the region.
Oil prices hit an all-time record $100 a barrel this year as result of Libya’s civil war.
As for Saudi Arabia, statistics suggest that the country’s treasury made 687 billion riyals ($183 billion) in the first eight months of 2011; however, experts expect his number to go down as Libya’s oil gradually regains ground in international markets.
Finally, Saudi’s oil reserve is estimated to be around 264.5 billion barrels.
3 Comments on "Saudi Arabia to become world’s largest crude oil producer"
BillT on Mon, 14th Nov 2011 11:56 am
What it fails to mention is…Saudi Arabia’s domestic use of oil is growing at about 8% PER YEAR! They now only export about 70% of what they produce. THey may go back to #1, but that does NOT mean that they will be exporting more…it just means that they will have more for their own people.
In about 10 years, none of the OPEC or any other oil producing country is going to be exporting oil. None! All are dwindling and using more themselves. At some point they will keep what is left for their own countries. The US was stupid and sold most of it’s supply cheaply over the 50+ years before it passed the peak in 1970. Now we beg oil or kill for it.
RickRod on Mon, 14th Nov 2011 5:47 pm
I’ll eat my shorts if the Saudis output ever breaks 10 million barrels a day!!
tubaplayer on Mon, 14th Nov 2011 9:31 pm
Well, what was that gibberish supposed to be, then? An absolute jumble of non-facts such as “hit 14 million bpd by 2035” (Yeah, right – been on a plateau since 2005), “Oil prices hit an all-time record $100 a barrel this year” Errr – excuse me but did not oil prices reach $147 a barrel in 2008? So what was that supposed to mean, and “Saudi’s oil reserve is estimated to be around 264.5 billion barrels” Ah, yes. Well they never did get round to explaining why, after the 50% increase in so-called reserves in the OPEC quota wars they have managed to pump billions of barrels year on year. AND still have the same amount of reserves. Magic. Tales from The Arabian Nights…