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No they didn't. Production barely changed from 2012 to now. They have always had some monthly fluctuation.
They increased by 1.5 million barrels a day. That's OPECS entire increase as well. Thats significant
No they didn't. Production barely changed from 2012 to now. They have always had some monthly fluctuation.
um no
Saudi Arabia increased its exports of oil during October, shipping out more crude than it had in the previous four months, aggravating a supply glut that has severely depressed oil prices and revenues to oil producers.
Crude exports from Saudi Arabia rose from an average of 7.111 million barrels per day in September to 7.364 million per day in October, according to the latest data from the Joint Organizations Data Initiative (JODI), which monitors the oil industry. The report said this quan y was the most oil exported from Saudi Arabia since June and 7 percent higher than in October 2014.
http://oilprice.com/Energy/Crude-Oil...rket-Glut.html
Oil price benchmarks hit their lowest in seven years as Saudi Arabia continues its oversupply and as Iran prepares for a production increase.
Saudi Arabia and its allies in the Organization of the Petroleum Exporting Countries have been the main force behind the plunging of the oil price as they continue to oversupply the market with crude oil in a bid to push the high-cost shale oil productions, mainly in the U.S., out of the market.
http://www.telesurtv.net/english/new...1214-0009.html
Saudi Arabia's Economic Time Bomb
The Kingdom's unveiled budget for 2016 predicts a deficit of SR 326 billion ($87 billion). Projected spending is expected to reach 840 billion riyals ($224 billion) and revenue at 513 billion ($137 billion). The largest single allocation in the budget was 213 billion riyals ($56.8 billion) to the military and security services, comprising more than 25 percent of the total - a much higher allocation than that of 2015 budget. The allocation to the military and security services clearly indicate the Kingdom's prioritises 'guns over butter' in terms of consolidating its grip on power despite growing regional tensions.
The rapid depletion of Saudi's foreign exchange funds is rather alarming. During 2015, the Kingdom's central bank reserves have dropped from $732 billion to $623 billion in less than 12 months. Based on current levels of spending and deficit, and assuming budget priorities remain static, with oil market conditions to stay unchanged, and regional tensions do not escalate, their reserves give them a fiscal buffer of five years at best.
To make matters worse, Saudi Arabia will have to compete with aggressive oil production plans projected by Iraq and Iran. This will undoubtedly glut the market with further oversupplies of 3 million barrel a day. If this unsustainable financial decline continues at its present rate, the dollar exchange rate to the riyal will be endangered and the government will not be able to keep the peg. This may have serious ramifications on the U.S. dollar if other Gulf Cooperation Council countries follow suit.
However, the 'mother of all problems' facing the nation is not a growing budget deficit, regional terrorism and sectarian tensions but the growing and endemic youth unemployment that continues to endanger Saudi Arabia's national security. Saudi Arabia needs to increase public-private sector cooperation to absorb millions of unemployed youth and avoid rendering them to the abyss of terrorism or civil unrest.
http://www.huffingtonpost.com/luay-a...b_8894100.html
so why isnt the USA going towards ethanol fuel instead of relying on these turban ers for fuel?
cheaper then looking for oil to drill
have excess farm land, instead of growing and food dumping them as exports, why not grow the that makes the ethanol and no waste....
??1. there isn't enough arable land to grow enough corn for ethanol
2. growing corn also pollutes air, land, water with x-icides
3. even if there were enough land, the corn requires lots of water EVERY YEAR (droughts aren't permitted) which appears to be less and less available from precipitation, and ancient reservoirs like Ogallala are severely pumped down.
3. "Recent work indicates that only energy sources extracted at EROIs of 3:1 or greater have the requisite net energy to sustain the infrastructure of the transportation system of the United States. In light of this work, we conclude that
production of corn ethanol within the United States is unsustainable and requires energy subsidies from the larger oil economy."
http://link.springer.com/article/10....668-010-9255-7
iow, the BigAg promoters of corn ethanol were LYING when lobbying to get US govt to mandate ethanol in gasoline. Also, the corn ethanol promoters were LYING that corn ethanol would reduce US dependence on foreign oil. Even with fracking oil boom, USA is still dependent on importing foreign oil (and soon even as we export crude).
desalination plant solves ur drought woes and irragation for farmers...do it
desal is providing 40% if Israel's water. The Gulf Arabs are big on desal
As always in USA, California is out front with both desal plants and water reclamation (recycling) for semi-desertic SoCal.
There's a lot of research, mostly involving nano-tech, on desal, esp reducing the thickness of and therefore the power required to push salt water through desal membranes.
San Antonio electrical and water utilities are looking at desal of brackish ground water, not desal of seawater.
http://newsroom.cpsenergy.com/joint-...-power-plants/
San Antonio water is blowing $2.5B on a 142-mile pipeline to move groundwater to San Antonio.
The contractor will be stuck with the suits from and compensation to Vista Ridge area people whose wells have to be deepened to reach a depleted aquifer.
http://www.saws.org/your_water/water...ts/vistaridge/
I heard a 55-gal steel drum cost more than the oil in it.
Just BigSteel shoving it down the throats of human Americans and making us overpay for something that should be free. Am I right?I heard a 55-gal steel drum cost more than the oil in it.
In Canada, the 8-Dollar Cauliflower Shows the Pain of Falling Oil Prices
http://www.nytimes.com/2016/01/21/bu...s&emc=rss&_r=0
Cauliflower reached 7 dollars a head here in the States. The industry was in an "act of god" state. Temperatures were too cold to harvest and also drastically slowed the crop growth.
Who the likes cauliflower enough to pay that? It's one of the sparest vegetables imo.
pesticide residue in cauliflower, no thank you
Do you grow your own cauliflower? Store bought organic has pesticides as well.
I don't. I just cancelled some asparagus at the checkout line after it rang up $5.50 for some little pencil stalks
Hmm. My understanding is that the Iranians have had a hard time finding buyers for all their oil, and have had to sell it for cheap.
They anticipate ramping up production, so yes, it will change the equation.
old, but relevant
What sanctions? Top five countries buying oil from Iran.
http://www.csmonitor.com/World/Middl...rom-Iran/China
some countries have been exempted from sanctions all along
"Only six buyers are still allowed to take crude from Iran - - China, India, Japan, South Korea, Turkey and Taiwan -- down from 21 before the restrictions went into effect in mid-2012."
http://www.bloomberg.com/news/articl...lear-sanctions
Israel has also been buying oil from Iran.
Schlumberger CEO “optimistic” job cuts are over after 34,000 slashed
The chairman and CEO of Schlumberger said Friday he is “optimistic” the world’s largest oil field services company is done eliminating jobs now that it has cut 34,000 positions — more than 25 percent of its global workforce.
Schlumberger posted a nearly $1 billion net income loss during the fourth quarter and a 60 percent net income decline for all of 2015 from the prior year.
Chairman and CEO Paal Kibsgaard warned of a “very challenging” 2016 as exploration and production companies continue to drastically slash their drilling programs, but he also explained that Schlumberger is poised to rebound in 2017.
http://fuelfix.com/blog/2016/01/22/s...ed/#36089101=0
Russians’ Anxiety Swells as Oil Prices Collapse
Last year was bad enough financially for Sergei and Victoria ov, both music teachers getting along in years. Her government salary was slashed by one third, and rampant inflation put some basic groceries like eggplant and cu bers out of reach.
Then came Jan. 1, and the abrupt decision by the regional government here in Krasnodar, the capital of Russia’s southern agricultural heartland, to chop transportation subsidies for older Russians, forcing the couple to limit their trolley rides.
Indignant and fearing worse amid Russia’s accelerating economic problems, Sergei joined an unauthorized demonstration last week by hundreds of older Russians who gathered under the bronze statue of a Cossack horseman on the main square here and chanted, “Return our benefits!”
They were not alone, neither in Krasnodar nor across this vast nation, where illegal protests and wildcat strikes are erupting with increasing frequency by truckers, teachers, factory workers and all sorts of Russians facing steep government cutbacks because of plummeting revenue from oil and gas.
The global collapse in oil prices is reordering economic relations around the world, but the change is particularly daunting for Russia, which relies on energy exports for 50 percent of its federal budget.
In December, President Vladimir V. Putin told the nation that the worst of the recession — the economy shrank 3.9 percent and inflation hit 12.9 percent in 2015 — was over and that modest growth would return in 2016. He has been pushing the oil collapse as an “opportunity” that will wean Russia off energy imports and diversify the economy.
Then in January oil fell below $30 per barrel, with no bottom in sight, and the ruble hit a record low of nearly 85 to the dollar before recovering slightly.
The last time oil prices dropped so low and stayed there, in the 1980s, the Soviet Union disintegrated.
http://mobile.nytimes.com/2016/01/23/world/europe/russians-anxiety-swells-as-oil-prices-collapse.html?_r=0
Donny, how come with crude prices dropping gas is staying the same?
Year ago Barry had us at $1.72 average.
Not sure if srs.
The BigOil Repugs will not do anything to hold down the price of oil.
Their big prize would be block Iranian oil exports, or do some scary military to push up the price of oil, and gold.
, Rexxon Tilllerson is Secy of State
Pootin's BoyToy BFF would love to dump a few $10Bs per year into Pootin's kleptocracy by forcing up the price of oil.
It's all in the Repug/VWRC/BigOil/capitalist strategy of corrupting, polluting, fleecing the planet
Last edited by boutons_deux; 02-10-2017 at 04:24 PM.
Can anyone translate
Unpossible
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