Saudi Prince Says He Could Add a Million Barrels Immediately

28 Comments on "Saudi Prince Says He Could Add a Million Barrels Immediately"

JuanP on Sat, 16th Apr 2016 12:54 pm 



Anyone who believes this liar is a fool. KSA may agree to cap production or not, but they will never ever produce significantly more oil than they are producing today. To claim that they could increase their production to 20 mbpd is so ridiculous that I would call that an American lie; the kind of totally unbelievable delusional BS spewed in the USA on a daily basis by its people, media, and governments, but not normally heard or believed elsewhere.

Bob Owens on Sat, 16th Apr 2016 1:03 pm 



They could increase it immediately by 1 million barrels a day from storage tanks; but that would be all; and probably temporary at that. Maybe able to do that for 3 years. Actual increase in production? Maybe a bit but only from very poor grade oil fields.

Boat on Sat, 16th Apr 2016 1:13 pm 



” To claim that they could increase their production to 20 mbpd is so ridiculous that I would call that an American lie”;

errrrrr bloomberg was quoting a Saudie. Don’t go get all anti American if the man who controls oil in Saudi land is lying.

Davy on Sat, 16th Apr 2016 2:35 pm 



http://www.zerohedge.com/news/2016-04-16/saudi-arabia-threatens-us-it-will-liquidate-its-treasury-holdings-if-congress-passes

Anonymous on Sat, 16th Apr 2016 2:40 pm 



LoL, the uSJewsraelis must really want to stick it to Russia and Iran. Is it a coincidence the ‘national’ (globalist) propaganda(ahem ‘news’) here has been flooding their site with Anti-Putin\Russian articles these last few weeks? Maybe, maybe not.

JewBerg is run by, well…check the name. The uS is run by the same group and the uS runs Saudi Arabia. Anyone that hasnt connected those dots yet is either a, a simpleton, or an american.

The ‘saudis’ (giggle), ‘end goal’ here is pretty obvious, they want to lock both Russia AND Iran into a production cap that they hope will remain in place-then they let the price rise again. But caps would mean Russia\Iran would have limited room to expand into new, or emerging markets, or even current ones. Thats the thinking anyhow. Limit Russia and Irans options to diversify or expand energy exports in the future (via production caps of course).

Well good luck with that strat ameros. Both countries realize the ‘caps’ are mainly meant for them, and not anyone else and have stated on several occasions they intend to INCREASE production-not decrease it. Even Irans reps said that imposing caps after years of illegal sanction-imposed caps was an idiotic idea that wasn’t going to fly(an american one of course) The JewUSsauds getting beat at their own game. Love it.

Truth Has A Liberal Bias on Sat, 16th Apr 2016 3:21 pm 



This guy is a fool and takes the world for the same. KSA will soon be in peak air conditioning season which will likely increase domestic consumption by one million barrels a day. If KSA decides to increase production by one million barrels a day in peak air conditioning season then their exports will stay flat. Peak air conditions season 2016 will provide much insight into KSA’s abilities and intentions. It seems obvious to me that this little game is aimed at stopping Iran from increasing production and exports. It’s a very transparent little game he plays. Iran and KSA are at war via proxy armies in Syria, Iraq, and Yemen. These are acts of desperation on the part of KSA leadership. Iran doesn’t have to beat KSA, they just have to exhaust them and help their leaders make themselves look like fools. Napoleon once said ‘never interfere with your enemy when he is in the process of destroying himself’. Iran is playing a strong game.

Survivalist on Sat, 16th Apr 2016 4:17 pm 



During my time there have been four “Gulf Wars”. The first one was between Iran and Iraq and USA backed Iraq. The second was between Iraq and Kuwait and USA backed Kuwait by throwing Iraq out of Kuwait. The third one was 2003 when USA invaded and occupied Iraq. Both sides lost that one. USA lost and Iraq lost. Iraq lost worse though. The thing about war is you never want to be the home team. The fourth “Gulf War” is now well underway. Everybody has a dog in the race, from Iran to Turkey to Saudi Arabia. The worlds oil patch is in a war not unlike the Thirty Years War that Europe experienced. The choice for the people is whether or not they want to support State power based discrimination systems or Sectarian power based discrimination systems. The USA’s chief contribution is Pentagon funded militias fighting CIA funded militias in Syria. The exodus has destabilized Europe, Turkey, Jordan and Lebanon. Meanwhile, while Middle Eastern nations can’t even control their land based territory, we have China reaching out and extending its power over the S. China Sea. Russia, China and Iran are on the rise. USA and NATO are on the decline. All this amongst a back drop of peak oil beginning to rear its head, climate change tipping points and 8 years of managed financial crisis. Negative interest rates in developed countries are a Red Flag. We can kick this can down the road for a bit longer though. Perhaps until 2023 at the latest. Climate change tipping points will inspire enviro-terrorism, peak oil and climate change will contribute to famine and the resultant unregulated mass migration of millions of people. This year will see migrants protest in Europe by mass suicide and increasing violence. Future waves of unregulated mass migrants will come armed and organized. Old weak Europeans vs young hard and desperate migrants. My money is on the migrants. 2016 will be a turning point. Have a great day.

Northwest Resident on Sat, 16th Apr 2016 4:51 pm 



The whole oil freeze fiasco is pure staged drama. Ever since the G20 meeting in China the world has been treated to a well coordinated and prolonged set of central bank moves and propaganda campaigns designed to influence “the market” and “investor” sentiment. The “oil freeze” along with “leaked secret memos”, official statements and FED heads talking has been instrumental in driving up the price of oil futures and energy industry junk bonds. Combined with another trillion$ in Chinese debt in the first quarter of 2016 — a new record! — and a whole assortment of FED/central bank maneuvers, they’ve managed to buy a little more time, which is all they’ve been doing since 2008/9. It gives the big banks and major movers and shakers one last opportunity to unload rotten debt onto the vast mass of muppets and their precious 401K retirement portfolios. This last burst of excessive debt and financial maneuvering seems significantly more desperate than the obviously desperate tricks and maneuvers previously employed with regularity since 2008/9. It seems to me that this most recent batch of time-buying actions, production “freeze” included, is a last big final hurrah before the banquet of consequences start truly coming home to roost. Nothing can prevent the current global economic regime from imploding. It is rotten to the core, artificially sustained by massive debt, and precariously balanced upon the sentiment of the muppet masses who are starting to get very, very nervous as the world witnesses exactly how ineffective central bank and government interventions to prop up the economy have become. We are now in the fast lane on the highway to hell.

makati1 on Sat, 16th Apr 2016 6:54 pm 



“We are now in the fast lane on the highway to hell.”

Well said, NWR. Well said.

Plantagenet on Sat, 16th Apr 2016 7:09 pm 



No doubt KSA and Russia and Venezuela and many other oil producers would like an oil production freeze but Iran isn’t going to agree to it. Iran is determined to expand their oil exports by another million bbls per day.

The oil glut just goes and on. Its got to end someday, but global oil production is STILL outpacing global oil demand by about a million bbls per day.

Boat on Sat, 16th Apr 2016 8:01 pm 



Plant,

I see the glut going into 2018 if Iran adds that million. By then Lybia and Nigeria could be adding more.

GregT on Sat, 16th Apr 2016 8:57 pm 



NWR,

Another well thought out post. Could not agree more. The only questions in my mind;

1) What other financial slight of hands could possible extend this mess further? (NIRP perhaps)

2) How long until Wile E. hits the canyon floor?

I especially enjoyed your following choice of words;

“one last opportunity to unload rotten debt onto the vast mass of muppets”

LOL, in a pathetic and sadly futile way.

Truth Has A Liberal Bias on Sat, 16th Apr 2016 8:59 pm 



Libya and Nigeria adding more lol what a retard. You can’t even spell Libya you fucking dumb ass.

onlooker on Sat, 16th Apr 2016 9:09 pm 



Yes good post NWR. The thing is we have already been slowly descending now economically in rich countries at least the masses of consumers for quite some time. The labor outlook, the debt burden and the increase of those seeking govt. handouts all attest to this slow bleeding. I am not sure an implosion or singular event is what will happen. Rather a continuous downward spiral for the masses punctuated by bouts of deflation/inflation/stagflation. In the way they covered up 2008 meltdown, they will cover up present and future meltdowns. But only in terms of the mainstream official stream of nonsense being spewed. Normal folk are more and more waking up to the reality of a contracting economy.

Survivalist on Sat, 16th Apr 2016 9:48 pm 



On Saudi Arabia book review

http://youtu.be/9tHwvZ9XDLU

Survivalist on Sun, 17th Apr 2016 12:06 am 



http://www.platts.com/news-feature/2016/oil/mexico-energy/index

The Pintus Group LLC on Sun, 17th Apr 2016 12:07 am 



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makati1 on Sun, 17th Apr 2016 12:13 am 



Adverts now allowed as comments? Time to bale if that happens too often.

Davy on Sun, 17th Apr 2016 7:31 am 



This debt rot is an interesting concept. The negative aspects of debt are systematic. Physical wealth is not more or less because debt is more or less. It is an abstract of the human economy. What it does represent in excess is a bubble which creates malinvestment. It creates the conditions for bad consumption. It represents systematic denial and deception. It weakens the economic system by distorting the productive forces and their access to capital to produce. It allows wealth transfer and class inequality which have always lead to corruption and collapse historically.

The fact that huge amounts of debt are being created currently does not mean anything in a vacuum but it does indicate disequilibrium and turbulence. It indicates a system not functioning correctly per fundamentals that have been time test. We are in a debt bubble that is a macro Ponzi situation. We have rich that are really not rich per the physical but per the digital the wealth is enormous. How do you get your hands around the idea of a billionaire? Madness.

We can say debt is allowing us to overshoot quicker. We are allowing various part of the system over produce and create unneeded developments like ghost cities or industries twice as large as needed. The Chinese steel industry is an example and whole Chinese cities or parts of cities unused. That activity is turning good resources into bad. It is a waste stream and we are accounting for it as healthy growth. Excess debt creates a moral hazard of living beyond our means and squandering our future under the guise of deception that we are progressing. The same would be true if getting obese was a good thing. Excess debt is destructive and treated systematically by our leadership as an indicator of wellbeing.

We are clearly in the end game because we can see a circular vortex of a system spinning out of control. This is a slow boil because our human time value system relates to the short term. This time value relationship is increasingly compressing into the short term. As our economy begins spinning quicker and quicker into the vortex of collapse our time value recognition compresses into shorter and shorter intervals. This is probably because we have nothing at all for a future. The societal narrative by the techno human exceptionalist is expansive and optimistic with transcendence and continued innovation and substitution for depletion. Efficiency is not recognized as subject to diminishing returns when you can hypothesize results and trends far into the future. We can imagine trips to Mars and some believe this to be true. Yet, they do not believe limits to be true at least near term.

The reality is quite different and represents overshoot at the most basic ecological levels of consumption and population. It represent failing systems of support both natural and human. It profoundly represent a destruction of our climate in a catch 22 of collapse if we do collapse if we don’t. Excess debt is just a manifestation of the above. It represents the manifestation of moral hazards of corruption, social narrative of denial, and the entropic destruction of vital resources for destructive consumption. It is the clearest abstract economic indicator of a destructive change ahead where vital support systems break and fail until a balance is achieve by a grand self-organizing systematic process beyond human understanding or control. This is simply natural process of ecosystem rebalance. The reason this is not understood by most people is we have this feeling we are above nature in this regards. Humans suffer a slow boil mentality and fail to connect the dots because of ignorance or denial. It is also true most people are not capably for a myriad of reasons to understand.

There are options. We can face reality squarely as one does when they enter a hospice to die. There are many things we can do to allow less suffering. Yet, we could also let the train smash into the brick wall and let what shakes out, shake out. Sometimes when things are so bad it is better to just let the worst occur so we can quickly get to a new phase. In any case we have little choice in the matter these are epic events above human management except that we can kill ourselves quicker or slowly. Isn’t that sad our options are degrees of suicide.

shortonoil on Sun, 17th Apr 2016 8:14 am 



This is sort of a lie within a lie. The Prince said that they could increase production; he did not say that they could increase the production of oil that anyone could use. That increased production could have to come out of Manifa. But who would want it?

Manifa is a huge, heavy oil, vanadium laced mud hole that sat for sixty years because no one would buy the oil. Saudi finally put it into production by investing $38 billion in a specially designed refinery to process its oil. Apparently the process that they employed worked because as far as we know it hasn’t burned down – yet. One thing for sure it’s not cheap to operate, and there is no one else stampeding to build similar refineries that can process vanadium contaminated crude.

Now, did the Prince learn the art of diplomat lying from PO News trolls; or was it the other way around?

Northwest Resident on Sun, 17th Apr 2016 10:24 am 



GregT — Yes indeed. Sad and pathetic. I like the way that Doug Noland at Credit Bubble Bulletin puts it in his recent post when describing how the massive debt injections and other central bank/FED induced “stimuli” have become absolutely necessary to keep the global economy from crashing and burning:

“But what was supposed to be extraordinary and temporary morphed into the normal and permanent: egregious wealth redistribution.”

Noland of course is the expert and I am just an intensely interested observer. But he apparently sees the recent spate of financial engineering (and accompanying propaganda waves) the same way I do — another notch or two up on the desperation scale. He says: “They pushed Desperate Measures Too Far this time.”

Whether we are at Peak Oil right now or not is irrelevant. The world’s energy supply has been degrading over a long period of time, faster and faster, along with all other resources vital to our economy and to human consumption. We entered the critical stage prior to 2008/9, and things have just kept getting worse since then. We are now at a point of imminent implosion. The extremity of central bank/FED measures to “stimulate” the economy are becoming so desperate that even the ignorant masses are starting to catch on.

So, how much longer before Wile Coyote hits the ground? My bet is on pretty damn soon! Relatively speaking, of course… 🙂

http://creditbubblebulletin.blogspot.com/

“It must be tempting for the believers to again revel in the brute power of the “perpetual money machine.” Yet the costs associated with the latest round of monetary inflation are steep. Not many months ago it appeared that China was determined to rein in excess, while the U.S. was ready to lead the world toward policy normalization. Today it’s become rather obvious that China is out of control and global policymakers are trapped at near zero or negative rates and perpetual QE monetary inflation. What was always sold as temporary extraordinary measures is increasingly recognized as desperate “whatever it takes” indefinitely.

To reverse a rapidly strengthening de-risking/de-leveraging dynamic central bankers were compelled to convey to the markets that they were still very much in control with virtually limitless ammunition. Rates could go deeply negative. QE would expand as big as necessary. And, for emphasis, if required central banks still had “helicopter money” – printing ‘money’ and disseminating it directly to consumers – waiting in the wings. They pushed Desperate Measures Too Far this time.”

Rick Bronson on Sun, 17th Apr 2016 6:48 pm 



It will be nice if they can specify what sort of Oil they will supply in terms of viscosity.

Whether it will be medium crude or Natgas Liquids (Ethane, Propane, Butane) or extra heavy crude which is sold in tons.

Newfie on Sun, 17th Apr 2016 7:03 pm 



RE: The Pintus Group. I smell a scam.

peakyeast on Mon, 18th Apr 2016 5:25 pm 



@newfie: Any company that uses google as their official mail is likely to be a scam or some extremely lowlevel startup company.

But I like his name…

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The Pintus Group LLC on Sun, 17th Apr 2016 12:07 am

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© 2016 The Pintus Group LLC.

Damar on Mon, 25th Sep 2017 1:24 pm 



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