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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (62250)1/18/2007 3:14:34 PM
From: regli  Read Replies (1) of 116555
 
"Saudis to increase oil output capacity"

An interesting chart to validate all this rhetoric

home.entouch.net


data from here:
eia.doe.gov

Given the above chart, it is instructive to look at the quotes below from 2004:

Saudis debate boosting oil output capacity, as OPEC weighs options
Published on 26 May 2004
"... As crude prices fluctuate around $40 US a barrel, the officials are weighing options to increase Saudi Arabia's capacity above its current level of 10.5 million barrels a day. The options include boosting output at the kingdom's existing oilfields and producing from as many as four new ones, the executives said.
...
Saudi Arabia is often described as the world's central bank for oil, though some analysts have questioned the size and longevity of its crude reserves. The Saudi Oil Ministry has pledged to pump 9.1 million barrels a day in June - over 10 per cent of the global supply. Saudi Aramco claims it could ratchet up its long-term production to 15 million barrels, if necessary.

In the short-term, Saleri said the company could raise its capacity by 500,000 barrels within six months and 1.5 million barrels within three years. [look at the production chart and despite the price increases the 10 million barrel mark was never hit and in fact October was an even further decline]

"If the company takes the view that we will go to much higher rates of production, we will most probably bring on new fields."

The two untapped fields of Khuraif and Manifa could "comfortably" add two million to three million barrels a day, he said. ..."
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