Electric Company Of Saudi Arabia Warns Country May Run Out Of Oil By 2030

Tyler Durden's picture

Sometimes we wish the oil minister of former OPEC member Saudi Arabia ("we can supply any amount of oil"), Wikileaks ("Saudi Said To Have Overstated Crude Oil Reserves By 300 Billion Barrels or 40%"), and now Saudi Arabia's very own electricity company would coordinate their story. In a little noticed comment by Abdel Salam al-Yamani, head of the Saudi Electricity Company, in Al Mashka, which so far has been captured by only El Economista magazine, has provided the most recent insider confirmation of peak oil: a very troubling development for those who still naively believe that Saudi Arabia has any marginal boosting capacity, or more importantly, is willing to risk pumping more than possible. Yet, caught between a revolutionary rock and various other cartel nut cases, Saudi will soon be forced to sell as much oil as it can in order to placate it increasingly angry population with ever greater and ever more frequent "gifts" buying the transitory admiration of its people.

Since the long term impacts of confirmed peak oil are rather obvious to everyone, we will merely recreate the relevant soundbites from El Economista:

The electricity company of Saudi Arabia has set off alarms to warn that oil in this country could be depleted by 2030 if left unchecked domestic consumption. According to a report of this company, it is estimated between 2.5 and 3.4 million barrels a day.

The report, published in the magazine Al Mashka of the company itself says that the increase in domestic consumption of oil is one of the main challenges facing the country, mainly because oil accounts for 80% of national income.

Abdel Salam al-Yamani, head of the Saudi Electricity Company also warned of the consequences for citizens to ignore the calls to save electricity and water, and has advised that they depend more on solar energy.

Courtesy of Finansakrobat

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hugovanderbubble's picture

Nice, ¡¡¡

Lets attack Lybia,Nigeria,Yemen,Egypt....US its beside this MENA movements...to control oil.

oh_bama's picture

Did I tell you guys BTFD? hehe

j0nx's picture

Can't wait till these mofos are all broke riding around on camels again flinging rocks at each other due to their tiny religious differences. Ahh sweet karma will return.

Thomas's picture

The only problem is that we will be needing their camels.

Mad Max's picture

Yes, you appropriately foresee the desertification coming here....

EscapeKey's picture

Um, without oil, the population down there is entirely unsustainable.

boiltherich's picture

Um, without oil the population everywhere is entirely unsustainable. 

Cast Iron Skillet's picture

thing is, they have worse things to throw at each other than rocks, and there would be potential for collateral damage.

MassDecep's picture

Another way of jacking the price up. Buy oil futures, Through the roof Alice!!

If you believe oil is "Fossil Fuel" , just play the %$#$%$# game!

As Keiser says, the revolution in America starts when gas hits above $6.00 a gallon.  

 

malikai's picture

I believe Keiser will be dissapointed with the outcome of his prediction.

TheMerryPrankster's picture

At 6$ a gallon, we'd all have to carpool to the revolution.The powers that be would likely implement odd/even license plate system for specific refueling days, meaning only half as many people will be able to drive to the demonstrations or make malatov cocktails on a given day.

Peak oil has definite political ramifications as can clearly be seen by the few points I have outlined above.

 

j0nx's picture

That's what he used to say when it hit $4 and then $5. Americans are lazy, apathetic fucks who wouldn't get off their fat asses to answer the doorbell yet alone march on DC.....unless you tell them they can't marry their homo love partner and then look the fuck out. Pathetic lot we all are.

MassDecep's picture

You made my day j0nx!! LOL

Cognitive Dissonance's picture

You missed a few derogatory stereotypes. Try again.

DaveyJones's picture

amazing how our obssession with homsexuals is the root of all our problems. Excuse me, I meant J0nx's obssession. If anything, the "homos" have something to teach us about politics and human rights. 

Problem Is's picture

Did you have any disagreements with his assessment before the "...unless" part?

aerojet's picture

I think people in the US will revolt when the pain threshold is finally reached for a long enough time.  And don't look for some all-encompassing uprising, it will happen in small pockets, here and there, first.  That's what the military is gearing up for.

Mad Cow's picture

Yep, inner cities first, when truckers start refusing to deliver to those areas.

bigwavedave's picture

russian abiotic oil 1 - teatowel hats 0

malikai's picture

What strikes me about Russia is their reserve/production ratio. How is it that with about 10% of the stated reserves of Saudi, they can pump as much or more than them?

Any Geologists or knowledgeables able to comment on that question?

speedy's picture

Maybe Saudi's reserves are way over stated?

malikai's picture

If that's true, we're in much deeper shit than even the most hardcore tinfoilers think.

YHC-FTSE's picture

+1 Understatement of the year.

TheMerryPrankster's picture

+2 Understatement of the decade.

Coast Watcher's picture

OPEC oil reserves in general are grossly overstated and have been for two decades. Iraq might be the only exception.

DaveyJones's picture

that why they were rewarded with "democracy" first 

TheMerryPrankster's picture

I ferget, was it democracry at the end of a gun barrel, or democracry at the end of an oil derrick? Thank god those people have such a better life now that Saddam Hussien is gone along with the utilities, the jobs and most of the schools and hospitals.

 

malikai's picture

We sure did free the shit out of them. Fuck yeah!

hardcleareye's picture

Speedy your avatar is worthy of a prepubescent teenage boy... obviously your mother neglected to breast feed you, which might explain you poor judgement.

PS My 16 year old granddaughter asked me to pass this on to you...  "YOU ARE AN ASSHOLE...." (she enjoys reading this site, Tyler provides great discussion points/insights for her current events class).......

 

TheMerryPrankster's picture

You seem overwrought, they are only breasts. Every mammal on earth has at least one pair. Lady justice has one hanging out of her toga and still gets the job done. If the worst thing you have to look at in your life is a naked breast, I'd say you had a pretty good life.

mkkby's picture

Your comment is worthy of a prudish religious nut job. PS - your 16 yo granddaughter has breasts and your comments just shame her for being normal.

Kevin... Who suffers from Cassandras curse's picture

I have the full size version of your avatar,  You can't watch it just once.

AnAnonymous's picture

How is it that with about 10% of the stated reserves of Saudi, they can pump as much or more than them?

 

80 pc of national income with no solution in sight to balance out this situation. Should lead many people to try to last as much as possible and not overburn the extraction rate. So let the others extract as much as they want. If they run out first, not a bad event.

This said, Russia appears to have half to 1/ 4th of Saudi reserve.

speedy's picture

teatowel is not PC.  They should be called "little sheet heads".

btw nice avatar!

malikai's picture

Yes, but that statement makes no sense. Saudi Arabia will never run out of oil. Semantics, I know, but why the known incorrect title?

Perhaps the title should read Saudi Arabia will be unable to export or even meet domestic demand..

Urban Redneck's picture

Sounds like the Saudi's want the US taxpayer to foot the bill for nuclear plants and GE to step up the delivery date a few years.  Given the size of the oil sector in Saudi Arabia- it should account for basically 100% of national income.  Given the relatively minor changes in production over the past decade, compared to the relative rise in oil prices/ fall of the dollar- that is a huge growth in non-petroleum GDP share.

TheMerryPrankster's picture

As long as the U.S. taxpayer spends increasing sums to buy Saudi crude, the U.S. taxpayer will be footing the bill for everything the Saudis want to do. Where do you think their income comes from?

HamyWanger's picture

As I've said, our reserves of oil are infinite, because it is continuously produced by the Earth and can artificially be made using bacteries. 

This piece of news will rejoice the "peakoilistas", but I personally guarantee that we'll never run out of oil.

granolageek's picture

A personal guarantee by an internet pseudonym. What an underwhelming feeling of confidence that provides.

Taint Boil's picture

Hammy

You must be some kind of devil’s advocate, alter ego … moron? That’s fine, because maybe you serve a purpose and spark some interesting back and forth dialogue. But please STFU.

Thanks!

Famous Rapper's picture

Shit aint finna be produced foeva we dont stop global warmin! All be D-E-A-D. nYo, WTF a bacteries?

speedy's picture

Can someone translate what Famous Rapper posted into english please?

 

Thanks.

Problem Is's picture

He doesn't believe the Hammster...

Although I don't pretend to speak rap... WTF was a tip off...

TheMerryPrankster's picture

I believe he questions the veracity of the Hamsters initial statements regarding nontraditional petroleum production theories and in addition he asks for further clarification regarding the term "bacterie" as it is not a recognized word in any dialect spoken on this thread.

 

mkkby's picture

He obviously means "bacteria".  With a sharp intellect like that I'm starting to sell my oil longs.  I mean, with his personal guarantee, how can it go wrong?

DaveyJones's picture

Personal guarantee. That's it, I'm buying a Hummer

speedy's picture

Even I, a peak oil believer, do not think that Saudi Arabia will run out of oil by 2030. However, as their production starts to decrease and their consumption increases, they will certainly not be exporting any oil by 2030.

 

ELM bitchez!

The Profit Prophet's picture

THREE CHEERS FOR BEST AVATAR!!!!!

HIP..HIP......