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Gulf prince warns shale could hurt Saudi economy
Posted on 7/29/13 at 8:44 am
Posted on 7/29/13 at 8:44 am
quote:
LINK
Published: Monday, 29 Jul 2013
Saudi billionaire Prince Alwaleed bin Talal warned that the Gulf Arab kingdom needed to reduce its reliance on crude oil and diversify its revenues, as rising U.S. shale energy supplies cut global demand for its oil.
In an open letter to Oil Minister Ali al-Naimi and other ministers, published on Sunday via his Twitter account, Prince Alwaleed said demand for oil from OPEC member states was "in continuous decline".
He said Saudi Arabia's heavy dependence on oil was "a truth that has really become a source of worry for many", and that the world's biggest crude oil exporter should implement "swift measures" to diversify its economy.
quote:
The shale oil threat means Saudi Arabia will not be able to raise its production capacity to 15 million barrels of oil per day, Prince Alwaleed argued. Current capacity is about 12.5 million bpd; a few years ago the country planned to increase capacity to 15 million bpd, but then put the plan on hold after the global financial crisis.
While most Saudi officials have in public insisted they are not worried by the shale threat, the Organization of the Petroleum Exporting Countries (OPEC) has recognised that it needs to address the issue.
It's possible OPEC maintain or even reduce capacity to keep global prices up...as some have predicted.
This post was edited on 7/29/13 at 8:49 am
3
Posted on 7/29/13 at 8:48 am to dewster
At what point does the US and South America manufacture enough BPD that OPEC loses it's ability to price control?
Posted on 7/29/13 at 9:49 am to lynxcat
quote:
At what point does the US and South America manufacture enough BPD that OPEC loses it's ability to price control?
Never - Saudi, Iraq and Iran still combine for just under 1/2 of global crude reserves - OPEC combined is still over 3/4.
However, people are seeing that the global oil supply has probably been extended out to 2200, at least. That's more than enough time to solve the "post" crude oil/natural gas energy era.
Posted on 7/29/13 at 9:49 am to lynxcat
Iraq will be a big issue as well if they get their security situation to a manageable level.
Posted on 7/29/13 at 9:57 am to dewster
Posted on 7/29/13 at 10:34 am to Ace Midnight
I wouldn't go that far, it will be years but if GR and other major finds will eventually be able to be produced. However I think by then the US and most 1st world Countries will be utilizing a lot more NG. If the Gov had taken the $ they have blown on their green energy BS and invested it in NG infrastructure there would be a lot more cars running on it today.
This post was edited on 7/29/13 at 11:15 am
Posted on 7/29/13 at 11:14 am to GaryMyMan
quote:
... is a freakin' weirdo. LINK His obsession with his Forbes' List rank is hilarious and sad.
I agree, but that doesn't change the importance of his statement.
OPEC cutting oil production to shore up pricing is a big deal....and Saudi Arabia does need to diversify their economy.
Posted on 7/30/13 at 12:50 am to dewster
The Saudi royal family are idiots when it comes to investing their wealth. So, I'm taking any of their guidance with a grain of salt.
Posted on 7/30/13 at 10:58 am to wpsnickers
The US will get to the point that we are energy self-sufficient. We have huge untapped reserves of shale oil/ng. The OPEC countries know it, still deny it, but can't change it. We need to develope OUR reserves, send the Middle East to hell, and let the Japanese, Chinese, and Europe fight over OPEC oil and play their games. Bring our troops home and take care of Americans. Rant over.
Posted on 7/30/13 at 11:17 am to wpsnickers
quote:
The Saudi royal family are idiots when it comes to investing their wealth. So, I'm taking any of their guidance with a grain of salt.
That's what I was getting at with my link to his craziness. Clearly they do need to diversify, but the guy who said it has lost his arse by putting the bulk of his fortune in Citi stock. Now he buys into the latest tech crazes, which might work sometimes (allegedly owns 3% of Twitter), but I'm betting he also throws money at tech that goes no where. The guy was born on third base and thinks he hit a triple.
Posted on 7/30/13 at 5:09 pm to dwr353
quote:
The US will get to the point that we are energy self-sufficient. We have huge untapped reserves of shale oil/ng. The OPEC countries know it, still deny it, but can't change it. We need to develope OUR reserves, send the Middle East to hell, and let the Japanese, Chinese, and Europe fight over OPEC oil and play their games. Bring our troops home and take care of Americans. Rant over.
our top 5 importers now are canada, mexico, venezuela, saudi arabia and nigeria.
last i checked only 5.5% of our imports came from iraq. we bought more from them at times when SH was in power. We buy none from iran. 1% of imports from libya. 1.5% of imports from kuwait.
Posted on 7/30/13 at 5:11 pm to wpsnickers
quote:
The Saudi royal family
need to stop buying from them period. Tons of that money goes to funding stealth and violent jihad all over the world as well as building mosques and madrassas. The mosques here in the USA have doubled since 2001. we are fools. CUT THEM OFF!
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