This page has been archived and commenting is disabled.
Electric Company Of Saudi Arabia Warns Country May Run Out Of Oil By 2030
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
»
- 11462 reads
- Printer-friendly version
- Send to friend
- advertisements -
Nice, ¡¡¡
Lets attack Lybia,Nigeria,Yemen,Egypt....US its beside this MENA movements...to control oil.
Did I tell you guys BTFD? hehe
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.
The only problem is that we will be needing their camels.
Yes, you appropriately foresee the desertification coming here....
Um, without oil, the population down there is entirely unsustainable.
Um, without oil the population everywhere is entirely unsustainable.
thing is, they have worse things to throw at each other than rocks, and there would be potential for collateral damage.
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 $6.00 a gallon.
I believe Keiser will be dissapointed with the outcome of his prediction.
At 6$ 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.
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.
You made my day j0nx!! LOL
You missed a few derogatory stereotypes. Try again.
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.
Did you have any disagreements with his assessment before the "...unless" part?
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.
Yep, inner cities first, when truckers start refusing to deliver to those areas.
russian abiotic oil 1 - teatowel hats 0
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?
Maybe Saudi's reserves are way over stated?
If that's true, we're in much deeper shit than even the most hardcore tinfoilers think.
+1 Understatement of the year.
+2 Understatement of the decade.
OPEC oil reserves in general are grossly overstated and have been for two decades. Iraq might be the only exception.
that why they were rewarded with "democracy" first
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.
We sure did free the shit out of them. Fuck yeah!
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).......
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.
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.
I have the full size version of your avatar, You can't watch it just once.
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.
teatowel is not PC. They should be called "little sheet heads".
btw nice avatar!
hypnotic
Indeed.
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..
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.
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?
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.
A personal guarantee by an internet pseudonym. What an underwhelming feeling of confidence that provides.
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!
Shit aint finna be produced foeva we dont stop global warmin! All be D-E-A-D. nYo, WTF a bacteries?
Can someone translate what Famous Rapper posted into english please?
Thanks.
He doesn't believe the Hammster...
Although I don't pretend to speak rap... WTF was a tip off...
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.
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?
Personal guarantee. That's it, I'm buying a Hummer
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!
THREE CHEERS FOR BEST AVATAR!!!!!
HIP..HIP......
HIP..HIP.....
Uhm, I don't think they're hips, dude.
I can't believe I got more junks than Speedy!!!....and not one Hooray.....what a bunch of prudes!
T.E.I.N. everyone!
Opinion* not fact: Most of OPEC will still be exporting in 2030. Aboitic theory or otherwise, why on earth would anybody give any credence to the utterances of a minor Saudi official when the results of his words can only lead to higher oil prices? Peak oil might be real and might be bullshit, actual oil in the ground is almost irrelevant, it is not the gross quantity of oil that could be pumped but the net quantity that can be extracted economically. I personally think that abiotic oil is a better explanation of the geologic origins of petroleum than the rotting of some dinosaur carcasses, at least it deserves better research rather than treating biotic sourcing as a religion in which any challenge is tantamount to blasphemy. Same with warming by the way, they turned it into a religion rather than real science and as such it cannot be either studied properly or any workable solutions found.
When the last barrel of oil leaves Suadi shores it will not be 2030 and it will not be because there is no oil left to export. It will probably be 21XX and the cause will be that technology has rendered petroleum unneeded.
Strange logic. If this site (and history) has taught us anything, we should trust a "minor" official before a "major." Can only lead to higher oil prices? No, it can also lead to rapid development of alternative systems, massive fuel conservation and other dramatic changes with the writing on the two decade wall. It's good that you personally think abiotic oil is the better explanantion. Too bad the scientific community (and our military actions) do not agree with you
Funny how you chastise me for thinking that major = trustworthy and minor = untrustworthy yet then immediately gore me with how the massive groupthink of established geologists totally dismiss abiotic oil and that is obviously good, yet the minor voices in the field are not worth paying attention to and are probably idiots.
I say that any "news" related to oil reserves coming out of Saudi Arabia are just what the Saudis want you to hear, nobody in that kingdom dare speak for the government/king without prior consent, to do so would be suicide, especially where their national "golden egg" is concerned. So such as what we are talking about could be a sanctioned whisper campaign designed to keep oil prices from deflating in the face of declining demand. Do not tell me that oil cannot drop back to $60 in a matter of a few weeks, we have seen it happen just a few years ago and we could see it again.
The guy runs the electric company, what does he know about the petroleum reserves? Probably about as much as you do. According to the CIA there are 294 billion bbls of oil there and even if they had half that much it would last well past 2030, 46 years in fact at today's 9 million bbl per day pumping.
If rapid development of alternative systems or MASSIVE conservation were possible we would have done it. Any serious attempt to get off of the oil habit is going to take a lot longer than you seem to think, but I say it probably can't be done any time soon because much of what makes a population of 7 billion possible has to do with oil being mined and sold on a market of scale. Use a replacement energy source or simply stop using oil without a replacement (conservation) and guess what, agriculture no longer has an economical source of herbicide, pesticide, or fertilizers, billions starve. Even Norman Borlaug (father of the green revolution) said that organic farming could not feed half the population even if every arible acre of ground was used for food production.
In a way this seems to be bullshit....They are getting us ready for post middle east oil......saudi arabia has plenty for itself....just not us......its kinda of wierd we go over their fight wars to keep the dollar standard and in the end we blow ourselves up and will have to leave because we need a new system because of our own fraud.....gold revaluation shortly
US gets 11% of supply from middle east.
Just sayin'.
66% of America's trade deficit is to OPEC. Yet all we hear on Fox and the MSM is China regarding America's trade deficit.
Just sayin'.
Ah sorry, you wrote trade deficit, not deficit.
:) Oops!
Well thank fucking god we have escalated our battle against the forces of evil in Yemen!
https://www.nytimes.com/2011/06/09/world/middleeast/09intel.html?_r=2&hp
U.S. Is Intensifying a Secret Campaign of Yemen AirstrikesWASHINGTON — The Obama administration has intensified the American covert war in Yemen, exploiting a growing power vacuum in the country to strike at militant suspects with armed drones and fighter jets, according to American officials.
The acceleration of the American campaign in recent weeks comes amid a violent conflict in Yemen that has left the government in Sana, a United States ally, struggling to cling to power. Yemeni troops that had been battling militants linked to Al Qaeda in the south have been pulled back to the capital, and American officials see the strikes as one of the few options to keep the militants from consolidating power.
On Friday, American jets killed Abu Ali al-Harithi, a midlevel Qaeda operative, and several other militant suspects in a strike in southern Yemen. According to witnesses, four civilians were also killed in the airstrike. Weeks earlier, drone aircraft fired missiles aimed at Anwar al-Awlaki, the radical American-born cleric who the United States government has tried to kill for more than a year. Mr. Awlaki survived.
All dem closet racists sayd President OBama couldnt keep a coutnry safe. Dey said he wouldnt answer da phone at 3AM. Now whats up?! Dem same racists be wantin to hate cuz he doin what Shrub did... but betta? First TRU world leader. He be doin GOD work tryin keep all brothas n sistas of da world safe. AMEN
Yemen = 400kbpd barrels, Libya = 1.5mbpd. The effort is only proportional.
Of course, this means the Syrians don't get to catch any spectacular Allied airshows. How unfortunate for them.
Wait these guys ?
http://www.youtube.com/watch?v=D16rOXiXu_w
The Electric Company opening theme Season Oneother cartel nut cases
lmao
You must mean sovereign and willing to die before serving the KKK Banksters Empire you call "the free world", bitch!
how did that bastard know i was short oil
President of the United States of Zion, Benjamin Netanyahu was here just a few weeks ago rallying the minions. Must be time to put all the spreading democracy bullshit aside and get down to the real agenda, war to "protect Israel" and liberate that last little bit of OIL!
most cogent comment. They really lathered him in butter. What's Barry's official title in the USZ?
(duplicate)
re "official title, Barry USofZ": "head front-man pimp" or "#1. bought & owned 'ho" ?? (sigh)
Teleprompterin' bitch...
#1 corporate whore
don't forget the water, Israel has some serious water to liberate
ha ha ha
it's really hard to keep USD price of oil on these levels with falling demand
Oil for twenty thirty years and no nuclear growth after <fuk u sheeemmaaa>...means we will all be riding bicycles and playing at Buffalo Bill and Billy the kid in 2031!
Wells Fargo stage coaches and "hi-ho Silver away!" Wow! I'm back in my youth and comic reading days!
ZH producing bullish oil stories by the handfull recently - beware . Think they did this with silver and that only lost 30% + in May. Oil is so hard to predict please keep in the back of your minds the plunge from $147 to $36 only in 2008.One year ago you could buy crude for less than $70-.Prices fell 20% in three days in May (4 weeks ago)- demand in the US still falling. For the little its worth I`m bullish but not here!
Sorry Campag, but honestly ZH has been talking to be long in hard asset since long time ago.
Specially Tyler team and contributors has alerted to keep longs during 2009 and 2010 (strongly with QE2)
Also they have said that be aware with margin hikes that will bring volatility to the markets.
So, u must reconsider ur post.
Regards,
They are bullish for people who read them as bullish.
Yoyo prices with an ever increasing average are more to expected than a sky rocketing price on the path to peak oil.
What matters more is the new low price oil will hit next (might be $42 instead of $38) and the next high price.
Each time oil is reaching high prices, it leads societies to shake off dead wood, price reduction. Only temporary though.
My hunch is that the author meant or was not quoted correctly, that exports would cease and further energy use would have to be alternate forms. This result being a combination of decreased production and increased internal consumption.
But this may be the first Saudi to refute the prevailing official propaganda by Saudi officials of the blessed nature of their eternal supply of oil.
Looks like the Export Land Model has it just about right. See slide 18 at
10-7-2010_aspousa_TrackBNetExports_Brown_J.pdfThis is very important credible work. Anyone wanting to understand our predicament should study this. The export land model will be one of the primary forces in play on the down slope. The others will be the effect of credit collapse on energy investment and above ground political instabilities.
"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 doesn't make completely clear if domestic consumption is about 3 million bbls per day... vs what the EXPORT rate is in comparison.
but either way, to those who say "no peak oil" ALL you have to do is look at those RIVERS of US automobiles on the freeways during rush-hour in America's large cities: each with a gas-tank between 10 and 40+ gallons (for big trucks) - TENS of THOUSANDS of vehicles burning the oil from A-rabia just as quick as it can be sucked from the ground, distilled, and shipped to gas pumps.
Just as a faucet drip - as slow as it may seem - fills a large bucket within an hour or two, that RESOURCE EXTRACTION model can't go on forever....
Could this simply be the clueless oligarchs of Saudi Arabia coming up with excuses for their incompetence and the need for their country, which has blown an unimaginable amount of natural resource wealth, to start downgrading its quality of life?
When is the USA going to produce engines like the Europeans we can get nearly 50mpg easily. Should some of NASA`s budget have been diverted 10 years ago into engine research? This could have given such a good lead.
hugo - your right long term view by ZH is good. I just dont want lambs being led to slaughter.
russians know where oil really comes from. check out Saturn moon , "titan" awash with liquid hydrocarbons.
what's our expected production rate from Titan?
It doesn't matter where oil comes from.
Cost and rate of extraction are the only things that matter.
yes, and the opposite of your last sentence too. Or, it all depends on what where means. The early stuff is easy, the later stuff is not.
OPEC role was limiting production to save oil and boost price, but now natural limits kicks in, so there is no need for OPEC cartel anymore. Every member is aware that oil is better money than dollars, so why exchange now?
That is also the strategy of USSA: safe own resources and exploit foreign ones. MSM is busy selling hopium and silencing Peak Oil, so the world keep going on high velocity until we hit a wall.
The hit mus be big one, the next planned catastrophe, crisis so big that all the world will see only one solution: World Government worshipping Mother Gaia and Father Horus to provide some more energy.
Yep, they're not spending billions on the promotion of the new world religion for nothing.
oh what a fucking crock of shit! only a mouthpiece for "we dont wanna boost supply cause we need more oil profits to squander"
So maybe the whole "lets raise crude production" by Saudi Arabi at the recent OPEC meeting was just a charade, because they knew it would be flunked anyway and didn't want to look unfriendly to the West. So until SA gets their stuff together, higher oil prices is just fine, because they probably can't increase production even if they wanted to.
During the oil crisis of the 70s western use of oil for electricity production and home heating declined significantly creating a oil glut in the 80s that was blown on frivolous consumption during the monetarist years.
However states such as Arabia are making very little effort to curb their demand for fuel in the non transport sphere.
Countries such as Ireland has to sell racehorses to Arab sheiks to earn their living - this is a non productive use of energy.
Is this sarcasm or are you retarded?
OR? Can't it be both?
But but but but - Saudi oil is UNLIMITED!!! We were PROMISED!! This must be misinformation by those environmental green liberalo feminazi wackos who just hate America!!!
=)
Running out of oil justifies a nuclear program.
yes, if we all die earlier, consumption will decline.
No doubt oil is an excellent long term buy. BAC, GS, Nomura all recommend oil but they differ on where the price will rise to and timing of it..with Nomura predicting $220 a barrel.
Yips!
If Oil rises to 220, women will no longer be able to afford their silicone tits...
Surely the most credible hard copy of Saudi oil depletion was Assange's wiki leak direct from the USA govt? 40% over estimates...
http://www.youtube.com/watch?v=CebRfSFnWGM
sub masked man for the bernake
middle class was a blast
bitchez