Parky
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« Reply #25 on: October 25, 2007, 09:33:04 AM » |
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World oil production has already peaked and will fall by half as soon as 2030, according to a report which also warns that extreme shortages of fossil fuels will lead to wars and social breakdown. The German-based Energy Watch Group will release its study in London today saying that global oil production peaked in 2006 - much earlier than most experts had expected. The report, which predicts that production will now fall by 7% a year, comes after oil prices set new records almost every day last week, on Friday hitting more than $90 (£44) a barrel. "The world soon will not be able to produce all the oil it needs as demand is rising while supply is falling. This is a huge problem for the world economy," said Hans-Josef Fell, EWG's founder and the German MP behind the country's successful support system for renewable energy. The report's author, Joerg Schindler, said its most alarming finding was the steep decline in oil production after its peak, which he says is now behind us. https://www.guardian.co.uk/oil/story/0,,2196435,00.htmlThe world has been running out of oil in 'x' years for as long as I can remember. The biggest impact of running out of oil when it does eventually happen will be in the middle east because that area relies totally upon oil for their wealth and economy. It won't cause they've been diversifying their portfolio since the 90's. ie the world stock markets etc...For instance if just Saudi pulled their entire stocks from the NYSE it would probably crash. |
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Howaythelads
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Bob Moncur
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« Reply #26 on: October 25, 2007, 11:39:19 AM » |
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World oil production has already peaked and will fall by half as soon as 2030, according to a report which also warns that extreme shortages of fossil fuels will lead to wars and social breakdown. The German-based Energy Watch Group will release its study in London today saying that global oil production peaked in 2006 - much earlier than most experts had expected. The report, which predicts that production will now fall by 7% a year, comes after oil prices set new records almost every day last week, on Friday hitting more than $90 (£44) a barrel. "The world soon will not be able to produce all the oil it needs as demand is rising while supply is falling. This is a huge problem for the world economy," said Hans-Josef Fell, EWG's founder and the German MP behind the country's successful support system for renewable energy. The report's author, Joerg Schindler, said its most alarming finding was the steep decline in oil production after its peak, which he says is now behind us. https://www.guardian.co.uk/oil/story/0,,2196435,00.htmlThe world has been running out of oil in 'x' years for as long as I can remember. The biggest impact of running out of oil when it does eventually happen will be in the middle east because that area relies totally upon oil for their wealth and economy. It won't cause they've been diversifying their portfolio since the 90's. ie the world stock markets etc...For instance if just Saudi pulled their entire stocks from the NYSE it would probably crash. Ok. Why don't they do it then? |
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alex
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« Reply #27 on: October 25, 2007, 11:44:47 AM » |
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World oil production has already peaked and will fall by half as soon as 2030, according to a report which also warns that extreme shortages of fossil fuels will lead to wars and social breakdown. The German-based Energy Watch Group will release its study in London today saying that global oil production peaked in 2006 - much earlier than most experts had expected. The report, which predicts that production will now fall by 7% a year, comes after oil prices set new records almost every day last week, on Friday hitting more than $90 (£44) a barrel. "The world soon will not be able to produce all the oil it needs as demand is rising while supply is falling. This is a huge problem for the world economy," said Hans-Josef Fell, EWG's founder and the German MP behind the country's successful support system for renewable energy. The report's author, Joerg Schindler, said its most alarming finding was the steep decline in oil production after its peak, which he says is now behind us. https://www.guardian.co.uk/oil/story/0,,2196435,00.htmlThe world has been running out of oil in 'x' years for as long as I can remember. The biggest impact of running out of oil when it does eventually happen will be in the middle east because that area relies totally upon oil for their wealth and economy. It won't cause they've been diversifying their portfolio since the 90's. ie the world stock markets etc...For instance if just Saudi pulled their entire stocks from the NYSE it would probably crash. Ok. Why don't they do it then? I can't see why they'd want to at present. |
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BlueStar
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« Reply #28 on: October 25, 2007, 11:45:49 AM » |
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Ok. Why don't they do it then?
Well they're very pally (especially in comparison to many of their neighbours) with the West and the US in paticular and are happy with the benefits that brings. I can't imagine they'd gamble that by waging economic warfare and I'm not quite sure what their motivation for doing that would be. |
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« Last Edit: October 25, 2007, 12:51:50 PM by BlueStar »
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Parky
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« Reply #29 on: October 25, 2007, 12:31:54 PM » |
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World oil production has already peaked and will fall by half as soon as 2030, according to a report which also warns that extreme shortages of fossil fuels will lead to wars and social breakdown. The German-based Energy Watch Group will release its study in London today saying that global oil production peaked in 2006 - much earlier than most experts had expected. The report, which predicts that production will now fall by 7% a year, comes after oil prices set new records almost every day last week, on Friday hitting more than $90 (£44) a barrel. "The world soon will not be able to produce all the oil it needs as demand is rising while supply is falling. This is a huge problem for the world economy," said Hans-Josef Fell, EWG's founder and the German MP behind the country's successful support system for renewable energy. The report's author, Joerg Schindler, said its most alarming finding was the steep decline in oil production after its peak, which he says is now behind us. https://www.guardian.co.uk/oil/story/0,,2196435,00.htmlThe world has been running out of oil in 'x' years for as long as I can remember. The biggest impact of running out of oil when it does eventually happen will be in the middle east because that area relies totally upon oil for their wealth and economy. It won't cause they've been diversifying their portfolio since the 90's. ie the world stock markets etc...For instance if just Saudi pulled their entire stocks from the NYSE it would probably crash. Ok. Why don't they do it then? SA is America's biggest friend in the middle east. Prince Bandar was a friend of Bush I and is an advisor and frined to Bush II....Many visits to the ranch in Texas etc.. America and SA's destinies are entwined. America provides security and arms and SA opens and shuts the oil valves as required. When Pakistan needed Bell helicopters for the Afghan border and Bush couldn't be arsed to put the $250m bill through congress he got the Saudi's to pay for them. SA has been the main antagonist with regard to Iraq....When I say thier destinies are entwined it is more than a figure of speech.. |
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Rob W
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« Reply #30 on: October 26, 2007, 11:53:11 AM » |
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There is still a lot of oil out there my friends
More found every day........................................
And Saudi has several hundred years worth
Poppycock.  Sorry its true - and I know that the UAE were finding oil in the 90's when they were looking for gas and just plugged the wells - they already have too much oil...................... |
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Rob W
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« Reply #31 on: October 26, 2007, 11:54:18 AM » |
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"SA is America's biggest friend in the middle east"
that's news to the Israeli's parky..................
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Parky
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« Reply #32 on: October 26, 2007, 12:00:36 PM » |
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"SA is America's biggest friend in the middle east"
that's news to the Israeli's parky..................
Correction Arab friend. |
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Rob W
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« Reply #33 on: October 26, 2007, 12:14:16 PM » |
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Aye well - that's a very short list ....................
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Rob W
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« Reply #34 on: October 26, 2007, 12:40:34 PM » |
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"NOTE: This is the summary of Mahmoud Abdul-Baqi and Nansen Saleri's presentations which were given to the CSIS in Washington on February 24, 2004
Global Outlook:
World energy demand is expected to increase at an annual rate of 1% to 2% over the next 15 years, reaching an annual demand of 107 million barrels per day by 2020, partly as an anticipated consequence of growth in China, India and other South East Asian economies.
Worldwide oil reserves at year-end 2002 stand at 1050 billion barrels, of which 65% (or 686 billion barrels) is in the Middle East, with Saudi Arabia being the principal player. The Middle East contributes about a third of total world production, has a reserves-to-production life of 92 years and is expected to play a pre-eminent role in the global energy theater.
Overview of Upstream Operations:
Saudi Aramco's current operations encompass 1.5 million square kilometers, comprising 85 fields, 320 reservoirs and 25% of world oil reserves. Current daily production capability stands at 10 million barrels of crude oil and 9.6 billion cubic feet of gas. The Company's strategy calls for an annual reserves replacement of its crude production, while adding 5 trillion cubic feet gas reserves through an integrated exploration, delineation and development program.
Reserves and Future Potential:
Saudi Aramco's oil and gas reserves conform to industry standards. Reserves attributable to enhanced oil recovery (EOR) processes are excluded, underscoring the conservative nature of the Company's reserves. Year-end 2003 proved oil reserves totaled 260 billion barrels. Incremental probable and possible reserves (over and above the 260 billion barrels) are estimated to be 103 billion barrels. Exploration, delineation and development efforts have increased Saudi Aramco's oil initially in place from 600 to 700 billion barrels during the past 20 years. Vast unexplored acreage exists in the Rub' al Khali desert region, the northern basin (along the border with Iraq) and the offshore Red Sea Basin. US Geological Survey 2000 projections point to additional recoverable oil resources ranging from 29 to 161 billion barrels to be discovered in Saudi Arabia by 2025. The Company projects its oil initially in place volume to reach 900 billion barrels by the same date. "
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Parky
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« Reply #35 on: October 26, 2007, 02:43:20 PM » |
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Aye well - that's a very short list ....................
Well lets put it this way Rob...The Americans get a lot of money from Saudi and the Israeli's get a lot of money from America. YOu work it out. |
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Parky
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« Reply #36 on: October 26, 2007, 02:44:17 PM » |
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"NOTE: This is the summary of Mahmoud Abdul-Baqi and Nansen Saleri's presentations which were given to the CSIS in Washington on February 24, 2004
Global Outlook:
World energy demand is expected to increase at an annual rate of 1% to 2% over the next 15 years, reaching an annual demand of 107 million barrels per day by 2020, partly as an anticipated consequence of growth in China, India and other South East Asian economies.
Worldwide oil reserves at year-end 2002 stand at 1050 billion barrels, of which 65% (or 686 billion barrels) is in the Middle East, with Saudi Arabia being the principal player. The Middle East contributes about a third of total world production, has a reserves-to-production life of 92 years and is expected to play a pre-eminent role in the global energy theater.
Overview of Upstream Operations:
Saudi Aramco's current operations encompass 1.5 million square kilometers, comprising 85 fields, 320 reservoirs and 25% of world oil reserves. Current daily production capability stands at 10 million barrels of crude oil and 9.6 billion cubic feet of gas. The Company's strategy calls for an annual reserves replacement of its crude production, while adding 5 trillion cubic feet gas reserves through an integrated exploration, delineation and development program.
Reserves and Future Potential:
Saudi Aramco's oil and gas reserves conform to industry standards. Reserves attributable to enhanced oil recovery (EOR) processes are excluded, underscoring the conservative nature of the Company's reserves. Year-end 2003 proved oil reserves totaled 260 billion barrels. Incremental probable and possible reserves (over and above the 260 billion barrels) are estimated to be 103 billion barrels. Exploration, delineation and development efforts have increased Saudi Aramco's oil initially in place from 600 to 700 billion barrels during the past 20 years. Vast unexplored acreage exists in the Rub' al Khali desert region, the northern basin (along the border with Iraq) and the offshore Red Sea Basin. US Geological Survey 2000 projections point to additional recoverable oil resources ranging from 29 to 161 billion barrels to be discovered in Saudi Arabia by 2025. The Company projects its oil initially in place volume to reach 900 billion barrels by the same date. "
They would say that wouldn't they. |
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Rob W
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« Reply #37 on: October 26, 2007, 03:35:34 PM » |
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why would they lie? If they said
"bugger it - there's only one weeks supply left" the price would rise a bit.................
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The rapturous, wild & ineffable pleasure of drinking at someone else's expense
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