SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Peak Oil - Not If but When
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
From: veritas5014/22/2011 9:48:54 AM
Read Replies (1) of 129
 
Here's something to think about:

As I explained in post #14, in the 1980s, OPEC decided to set export quotas based on the oil reserves of its member countries. The larger your oil reserve, the larger your export quota. Interestingly enough, just at this time many countries in OPEC adjusted their oil reserve estimates higher.

Saudi Arabia "adjusted" its oil reserves from 170 billion barrels to 270 billion barrels.

OPEC and Non-OPEC oil reserves over time:

theoildrum.com

Oil reserves of selected OPEC countries over time:

oilempire.us

So what are the REAL oil reserves of Saudi Arabia?

To get an idea, it's instructive to look at production since aggregate reserves ultimately determine total production.

Saudi Arabia is currently producing 8.3 million bbls per day and despite historically high oil prices over the past 4 years, hasn't been able to go over 10 million bbls per day.

Now, consider Russia.

Russia has oil reserves of 74 billion barrels and produces about 10 million barrels per day. Keep in mind Russian production suffers a penalty due to years of mis-management and the lack of the best technology. This is not the case with Saudi Arabia.

So, here is a country with "only" 74 billion barrels of oil reserves producing 10 million barrels per day while a country with 270 billion barrels of oil reserves produces 8.3 million barrels per day.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News