Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on October 9, 2012
Saudi oil minister says kingdom can meet demand
Saudi Arabia’s oil minister said Tuesday his country has the ability to meet existing and future demand for oil, seeking to alleviate concerns about supply and cut prices.
Ali al-Naimi told reporters that the kingdom now pumps around 10 million barrels a day, and said its production capacity of more than 12 million barrels is sufficient to meet any world demand.
He said that current oil prices are too high, and the kingdom wants the per-barrel cost to fall back toward $100. Brent crude, which is used to price international varieties of oil, was trading above $113 a barrel in London on Tuesday.
Al-Naimi’s comments came at the end of a meeting of Gulf Arab petroleum officials in Riyadh.
Also Tuesday, al-Naimi said Saudi Arabia’s Aramco energy company discovered a new gas field in the Red Sea, about 26 kilometers (16 miles) northwest of Duba Port in Saudi Arabia.
The gas flowed at a rate of around 10 million cubic feet per day when testing the reservoir in a well that was more than 17,000 feet deep, al-Naimi said.
The minister said more wells would be drilled to determine the exact size of the gas field.
5 Comments on "Saudi oil minister says kingdom can meet demand"
Newfie on Tue, 9th Oct 2012 11:01 pm
Industrial civilization is a Ponzi scheme based on cheap fossil fuels. It won’t last long after the peaking of oil, gas and coal.
BillT on Wed, 10th Oct 2012 12:54 am
These guys were the sponsors of 9/11 and are a dictatorship supported by the Us. Why should we believe a bunch of old men who have lied for decades? If Israel is foolish enough to attack Iran, and Iran sends a few missiles into the oil refineries and pipelines of SA, it is game over for the Saud family. The money stops flowing and the people revolt. End of Saudi oil or gas for years and maybe forever.
Satori on Wed, 10th Oct 2012 4:44 am
how do ya know the Saudi’s are lying ??
their lips are moving
apparently they didn’t read the CitiGroup report that said they would become oil importers in the not too distant future
I’ve got to give it to them though
they are ALWAYS good for a laugh
Kenz300 on Wed, 10th Oct 2012 12:50 pm
Internal demand for oil in OPEC countries continues to rise. How long before internal demand puts a strain on the ability to export oil……
Nuclear on Wed, 10th Oct 2012 5:36 pm
Well said BillT
After cleverly making the World believe that Oil is cheap in 1990s.
In 2000, the said the fair price of Oil is 25 / barrel
then they increase this to
$45
$75
and now $100 / barrel. Next, they must be planning to increase it to $130/barrel.
Unless serious effort is made to move into Alternative fuelled vehicles, we can expect gas prices to shoot up.
I hope the Saudis will atleast shift their power generation from Oil to Gas and supply that saved Oil to world market.