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Saudi oil well dries up
The Telegraph ^ | 9/5/2012 | Ambrose Evans-Pritchard

Posted on 09/05/2012 3:17:05 PM PDT by bruinbirdman

If Citigroup is right, Saudi Arabia will cease to be an oil exporter by 2030, far sooner than previously thought.

A 150-page report by Heidy Rehman on the Saudi petrochemical industry should be sober reading for those who think that shale oil and gas have solved our global energy crunch.

I don't wish to knock shale. It is a Godsend and should be encouraged with utmost vigour and dispatch in Britain. But it is for now plugging holes in global supply rather than covering the future shortfall as the industrial revolutions of Asia mature.

The basic point – common to other Gulf oil producers – is that Saudi local consumption is rocketing. Residential use makes up 50pc of demand, and over two thirds of that is air-conditioning.

The Saudis also consume 250 litres per head per day of water – the world's third highest (which blows the mind), growing at 9pc a year – and most of this is provided from energy-guzzling desalination plants.

All this is made far worse across the Gulf by fuel subsidies to placate restive populations.

The Saudis already consume a quarter of their 11.1m barrels a day of crude output. They are using more per capita than the US even though their industrial base as a share of GDP is much smaller.

The country already consumes all its gas. (Neighbouring Kuwait is now importing LNG gas from Russia:

From Heidy Rehman at Citi:

• Saudi Arabia Could be an Oil Importer by ~2030 — Saudi Arabia is the world’s largest

(Excerpt) Read more at blogs.telegraph.co.uk ...


TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS:
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1 posted on 09/05/2012 3:17:07 PM PDT by bruinbirdman
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To: bruinbirdman

Guess time to short oil futures


2 posted on 09/05/2012 3:28:54 PM PDT by Flavius (What hopes for victory, Gaius Crastinus? What grounds for encouragement ?)
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To: bruinbirdman

Suck sand - sheiks.

We’ll be cruising on nat gas.


3 posted on 09/05/2012 3:30:11 PM PDT by nascarnation (Defeat Baraq 2012. Deport Baraq 2013)
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To: bruinbirdman
"The basic point – common to other Gulf oil producers – is that Saudi local consumption is rocketing."

Yes. The same is happening in East Asia and other places. As for shale oil, there are big costs.


4 posted on 09/05/2012 3:34:54 PM PDT by familyop ("Wanna cigarette? You're never too young to start." --Deacon, "Waterworld")
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To: bruinbirdman

If this is correct, Saudi Arabia — never much of a MILITARY power, just a very rich country — will become East Chad in terms of geopolitical standing.


5 posted on 09/05/2012 3:38:14 PM PDT by pogo101
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To: bruinbirdman

Need to look at clean coal and coal synfuels. Costs not as big as you think. The real problem is the coal industry is under assault.


6 posted on 09/05/2012 3:41:14 PM PDT by umgud (No Rats, No Rino's)
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To: nascarnation

Yes. T. Boone Pickens has been supporting the use of natural gas for trucking.


7 posted on 09/05/2012 3:41:23 PM PDT by familyop ("Wanna cigarette? You're never too young to start." --Deacon, "Waterworld")
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To: bruinbirdman
Obama Says World "Running Out" Of Oil

And 0bama said WE are running out of oil in 2010.

Gee, I smell another scam in the making.

8 posted on 09/05/2012 3:42:08 PM PDT by EGPWS (Trust in God, question everyone else)
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To: bruinbirdman

Let them sit for a few years. I read somewhere that gulf wells, that have been shut down, somehow fill back up over time.

I guess we don’t need a President to go over and kiss (fill in the blank) anymore...


9 posted on 09/05/2012 3:48:53 PM PDT by OrioleFan (Republicans believe every day is July 4th, Democrats believe every day is April 15th.)
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To: bruinbirdman

Ambrose farts gloom and doom. If he didn’t have something to be depressed about everyday, he’d hang himself.


10 posted on 09/05/2012 3:54:48 PM PDT by sergeantdave
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To: bruinbirdman
I would love to see the Saudi es coming hat in hand to us for the US to sell them oil.
11 posted on 09/05/2012 3:57:54 PM PDT by painter (Rebuild The America We love!)
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To: bruinbirdman

They can frack too.

Frack the Saudis.


12 posted on 09/05/2012 3:58:27 PM PDT by smokingfrog ( sleep with one eye open (<o> ---)
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To: bruinbirdman
"Jihad" to follow. Good riddance.
13 posted on 09/05/2012 4:05:52 PM PDT by skeeter
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To: bruinbirdman

They can’t import oil, because they’ll have no money.


14 posted on 09/05/2012 4:25:26 PM PDT by Mamzelle
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To: bruinbirdman

Vote democrap. We’ll be under the boots of islamists.

Vote Republican. They’ll be buying oil from us.


15 posted on 09/05/2012 4:33:36 PM PDT by windcliff
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To: bruinbirdman

Many years ago I was told that all the Saudi light crude had been pumped out. What remained was lower quality heavy crude.


16 posted on 09/05/2012 4:36:55 PM PDT by Citizen Tom Paine (An old sailor sends)
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To: bruinbirdman

This is more “Peak Oil” horse feathers!


17 posted on 09/05/2012 5:07:29 PM PDT by rsobin
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To: rsobin
At least 1,300,000,000,000 barrels of recoverable oil just in the Green River Formation. You add the Bakken, Eagle Ford and our coal reserves and we can tell the rest of the world can go suck an egg for several hundred years. (Won't happen as long as we have “Rats” and “GOP-e” running things.)
18 posted on 09/05/2012 5:27:39 PM PDT by WellyP (question!)
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To: WellyP

The agenda of all our leaders,Republican or Democrat,vary only in the pace to which they achieve totalitarianism.


19 posted on 09/05/2012 7:02:14 PM PDT by rsobin
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To: WellyP
The United States also has 440,000 tons of thorium-232 that when used in liquid fluoride thorium reactor (LFTR) nuclear reactors could power the US electric energy needs for several thousand years.

Also, don't forget American companies are leading the world in researching the use of oil-laden algae to make motor fuels. We're on the verge of making breakthroughs that could result in gasoline, diesel fuel, heating oil and kerosene being made from a renewable resource; once that happens, the whole idea of peak oil will no longer have any meaning. Sorry, OPEC.

20 posted on 09/05/2012 7:19:55 PM PDT by RayChuang88 (FairTax: America's economic cure)
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