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Politics : PRESIDENT GEORGE W. BUSH
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To: DuckTapeSunroof who wrote (749180)9/14/2006 12:14:05 PM
From: Hope Praytochange  Read Replies (3) of 769667
 
Saudi Oil Exec: World Has Used Just 18% of Oil

Despite talk that Hubbert’s peak has been reached - the point at which half of the world’s oil is discovered and supplies begin to diminish - one Saudi oil executive says that we have used just 18 percent of the world’s reserves.

"The world has only consumed about 18 percent of its conventional potential," Abdallah S. Jum’ah, president and CEO of state-owned Saudi Arabian Oil Co., Aramco for short, told an audience of oil ministers and petroleum executives at the OPEC conference in Vienna.

Jum’ah estimates that the world’s potential oil reserves are 4.5 trillion barrels. That’s enough to power the world for another 140 years at current consumption rates.

The Associated Press notes that most experts believe Earth’s oil resources are at least 3 trillion barrels and maybe more than 4 trillion barrels. But experts assume a 2 percent growth rate in consumption, and estimate that oil could only last until 2070.

Jum’ah encouraged his audience to increase their oil exploration efforts. He told them to "leave the minimum amount of oil in the ground," reports the AP. Jum’ah believes that new technology will make it possible to add 1 trillion barrels to world reserves over the next 25 years.

Jum’ah pointed to the recent discovery of an oil field in the Gulf of Mexico. MoneyNews readers will remember that the discovery has the potential to increase U.S. oil reserves by 50 percent.

Yesterday, Saudi Arabia pledged $70 billion to improve its oil and gas infrastructure. The country hopes to increase production capacity and raise oil output to 12.5 million barrels a day by 2009, says Bloomberg News.
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