After years of perks, Bruneians worry about oil wealth

His Majesty, Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, has a problem: Oil is king in this tiny sultanate on the steamy island of Borneo. And it may be running out.

For years, Delaware-sized Brunei had an outsized presence in the global oil patch, pumping out a rich stream of crude oil and natural gas. With its share of the royalties, the Sultan and his family became one of the richest in the world. Their home, with 1,800 rooms and 250 toilets, is considered to be the largest residence in the world. Among the clan’s glittering trinkets: a forearm and hand made of solid gold that the Sultan can use as a chin rest when deep in thought.

..But even as oil prices soar past $60 a barrel, many here fear the days of easy living are numbered. Oil production peaked as far back as 1979, and analysts now say the sultanate could face a serious output squeeze within the next decade. Last year, Brunei pumped out 206,000 barrels of oil a day, slightly less than the year before.

Post Gazette