Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on October 19, 2015
Saudi Arabia oil reserves reach record level
In late summer 2015, commercial oil reserves of Saudi Arabia reached 326.6 million barrels, thus setting a new record for the world’s largest oil supplier since 2002.
Thus, the level of oil reserves in July amounted to 320.2 million barrels, while oil exports fell from 7.28 million barrels per day in July to 7 million barrels a day in August, Bloomberg says.
According to expert Mohamed Ramadi, a decline in oil exports from Saudi Arabia reflects the realities of present-day market. Oil production in Saudi Arabia declined from 10.36 million barrels per day in July to 10.27 million barrels a day in August, Pravda.Ru reports with reference to RIA Novosti.
In September, Saudi Arabia reported the production of 10.23 million barrels a day. In June, the country reached its peak in oil production since 1980 with 10.56 million barrels a day.
15 Comments on "Saudi Arabia oil reserves reach record level"
rockman on Mon, 19th Oct 2015 9:30 am
Oil reserves = 327 million bbls at the time when the KSA is exporting 2.6 BILLION BBLS OF OIL PER YEAR. Do these fools bother to even proof the sh*t they print? LOL. They probably meant they were producing about 323 million bbls PER MONTH last summer. Confusing reserves with production volumes? My 15 yo even understands that error.
BobInget on Mon, 19th Oct 2015 9:46 am
Genocide proves expensive for Saudi Arabia.
http://www.bloomberg.com/news/articles/2015-10-19/saudi-arabia-said-to-delay-contractor-payments-after-oil-slump
about that Chinese ‘slump’
http://www.bloomberg.com/news/articles/2015-10-13/china-boosts-oil-imports-in-september-as-stockpiling-accelerates
To many this looks like a race to the bottom.
BobInget on Mon, 19th Oct 2015 1:52 pm
While this NEWS has little to do with SA, it should be important to Canadian producers & stakeholders.
https://rbnenergy.com/come-on-the-sloop-9-b-enbridge-montreal-line-reversal-offers-complex-journey-for-bakken-crude
shortonoil on Mon, 19th Oct 2015 2:24 pm
How would they know? They haven’t back dated their reserves in 70 years!
Nony on Mon, 19th Oct 2015 8:18 pm
Rock: The story is referring to inventories, not to reserves. It’s a flawed translation from the Russian source.
See for comparison:
http://fuelfix.com/blog/2015/10/19/china-data-wallops-crude-saudi-stocks-dont-help/
“Finally, a theme of high global inventories has once again thrust itself into the limelight, as JODI data over the weekend highlighted that Saudi Arabian crude stocks have reached a record high of 326.6 million barrels in August. As Saudi continues to keep production elevated, and as it struggles to find a home for all its exports amid a highly-competitive global market (awash with crude), this extra oil is finding its way into stockpiles as exports ease”
Davy on Mon, 19th Oct 2015 8:20 pm
NOoo, welcome back man, where the hell have you been?!?
makati1 on Mon, 19th Oct 2015 8:41 pm
Who cares if there is an ocean of oil under the desert there? The World is winding down it’s ability to purchase it at any price.
peakyeast on Mon, 19th Oct 2015 11:55 pm
This is proof that KSA oil is abiotic and seeping faster and faster up from the middle of the earth !!
The biggest worry they have is that they cant pump it out fast enough for it not to drown the desert in it. Im sure they wished they hadnt poked so many holes down through the mantle.
😀
GregT on Tue, 20th Oct 2015 12:47 am
“The World is winding down it’s ability to purchase it at any price.”
The world is also winding down it’s ability to keep absorbing CO2 from burning the stuff.
The race to the bottom.
rockman on Tue, 20th Oct 2015 1:02 am
Thanks Nony. I suspected something like that. But “inventory” still doesn’t fit well if they are talking production rate. Makes ut sound like they have billions of bbls just sitting in tanks waiting for buyers.
GregT on Tue, 20th Oct 2015 1:09 am
“NOoo, welcome back man, where the hell have you been?!?”
Nony promised to stop posting here several weeks back, and asked us to hold him to his promise. Kind of like his new years resolution last year.
GregT on Tue, 20th Oct 2015 1:12 am
“Makes ut sound like they have billions of bbls just sitting in tanks waiting for buyers.”
Oh but they do. It’s all stored in tanker ships in the port of Gibraltar. Planter even saw them.
joe on Tue, 20th Oct 2015 3:47 am
It’s also worth noting the actual exports were 3mln barrels below production, whereas in the 80s they probobly exported almost all its 10mln barrels. Since the Saudi budget is so socialist then probobly they give away effectively 1/2mln per day and war takes a huge chunk too, so ‘profit’ is probobly much lower than in the 80s too. So why don’t they pump more? If I were Saudi I would pump near my max stated capacity of 12mlbpd yet they can’t max much over 10, what’s up? My guess is the house of Saud is in for some very rough times soon, and probobly so will the world.
rockman on Tue, 20th Oct 2015 11:17 am
“It’s also worth noting the actual exports were 3mln barrels below production”. As noted below it’s also worth noting that the KSA is consuming about 2.5 million bopd of their production. Thus it seems as though they are sending almost 500,000 bopd into storage. Storage they could sell later or consume themselves. They did see a big jump of up to 600,000 bopd when their refinery JV with China on the Red Sea began operating some months ago. While the KSA has been a major oil exporter they had also been a significant refined product importer. And then there’s the future of the KSA oil production/export dynamic:
“Naturally, the supply glut has kept prices at prices at the pump low, which in turn has led to an increase in demand. The Saudis, however, have something bigger to worry about: Saudi Arabia’s population has risen 17% over the past 10 years, with domestic energy demand increasing about 8% per year for the past 3 years. The execs at Saudi Aramco are estimating that by 2030, the country could be consuming 8.2 million barrels a per day. Not only will this demand increase drain the amount of oil that could potentially be exported, but Citigroup estimates that at these rates, Saudi Arabia will be importing oil by 2030.
Currently, one-quarter of Saudi oil produced is used domestically, and more will be needed in the future. And as you know, boosting production also requires huge investments in the country’s oil infrastructure. And the U.S. shale boom is still holding the price of oil down near $60 a barrel, making exports more necessary than ever for the previous oil masters. 90% of Saudi revenue comes from their oil exports.”
So the KSA might be importing oil in 15 years. Makes you wonder who they’ll be buying it from. And more importantly: how will they be able to pay for it?
Energy Investor on Tue, 20th Oct 2015 7:31 pm
Did you not note that reserves should have been expressed in billions of barrels instead of millions?
A simple mistake in translation. But just a mistake. Whether these were TRUE reserves at current market prices, or resources, probably remains to be seen.