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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: Ichy Smith who wrote (198756)8/23/2006 1:08:37 PM
From: Wharf Rat  Read Replies (1) | Respond to of 281500
 
Not US oil; world oil.

I'll make it easy...

Russia oil production overtakes Saudi Arabia

1.00pm Wednesday August 23, 2006
By Andrew Osborn

Russia is extracting more oil than Saudi Arabia, making it the biggest producer of "black gold" in the world, figures show.
Message 22745378
"I assume that most media outlets that report the captioned story by the Moscow News would describe it as good news regarding Russian oil production. What the Moscow News is not reporting is that current Russian production is 2.8% below its December level. As I outlined in a recent article regarding net oil exports, "Net Oil Exports Revisited,"
Message 22745391



To: Ichy Smith who wrote (198756)8/23/2006 1:43:27 PM
From: michael97123  Read Replies (1) | Respond to of 281500
 
What about the oil is fungible argument. If one of our former suppliers in your scenario cuts production, their new customers will come to britain, canada etc and bid prices up. We need three things to happen.
1. world wide conservation.
2. World wide exploration committment
3. World wide committment to alternate renewable energy.
Even if there is just modest work in all three, there will be significant results. Oil prices are on the verge of a fall, but it needs a trigger. No hurricanes would be nice too.
And the iran threat wilts if any or all of this happens because they are living high off the $70 oil hog.



To: Ichy Smith who wrote (198756)8/23/2006 2:10:17 PM
From: HH  Read Replies (1) | Respond to of 281500
 
world's oil reserves(billion bbls (look at all the ME riches)

1. Saudi Arabia --------264.3
2. Canada ---------------178.8
3. Iran -----------------132.5
4. Iraq -----------------115.0
5. Kuwait--------------- 101.5
6. United Arab Emirates- 97.8
7. Venezuela ------------79.7
8. Russia ---------------60.0
9. Libya ----------------39.1
10. Nigeria------------- 35.9
11. United States------- 21.4
12. China--------------- 18.3
13. Qatar ---------------15.2
14. Mexico-------------- 12.9
15. Algeria------------- 11.4
16. Brazil-------------- 11.2
17. Kazakhstan----------- 9.0
18. Norway--------------- 7.7
19. Azerbaijan----------- 7.0
20. India---------------- 5.8


World total---------- 1,292.5



To: Ichy Smith who wrote (198756)8/23/2006 2:27:37 PM
From: TimF  Read Replies (1) | Respond to of 281500
 
It doesn't matter if we don't buy a drop of oil that's actually from the Persian Gulf. If we buy from Mexico, and other places, while Europe, China, India etc. buy from the Persian Gulf, than a disruption in supply from the Persian Gulf will still effect us as Europe, China, India etc. bid up the price on Mexican, Venezuelan, Canadian, North Sea, etc. oil.


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