smartphone orten software here handy ortung russland mspy auf iphone 6s Plus installieren spy cam app iphone 6s Plus handy kindersicherung internet vergleich sms spy yahoo
Skip navigation.
Home
... for greater sustainability and local resilience

News

A collection of news stories, reports and announcements from or about Transition related matters.

To add news stories, just click on 'add new comment' and fill in the 'Post a comment' form.

To comment on any of the items, just click on the item itself and then click 'reply' (bottom of page)

PaulS's picture

Saudi reserves overstated, Peak Oil confirmed

WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices
US diplomat convinced by Saudi expert that reserves of world's biggest oil exporter have been overstated by nearly 40%

The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show.

The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%.

The revelation comes as the oil price has soared in recent weeks to more than $100 a barrel on global demand and tensions in the Middle East. Many analysts expect that the Saudis and their Opec cartel partners would pump more oil if rising prices threatened to choke off demand.

However, Sadad al-Husseini, a geologist and former head of exploration at the Saudi oil monopoly Aramco, met the US consul general in Riyadh in November 2007 and told the US diplomat that Aramco's 12.5m barrel-a-day capacity needed to keep a lid on prices could not be reached.

According to the cables, which date between 2007-09, Husseini said Saudi Arabia might reach an output of 12m barrels a day in 10 years but before then – possibly as early as 2012 – global oil production would have hit its highest point. This crunch point is known as "peak oil".

Full article here: http://www.guardian.co.uk/business/2011/feb/08/saudi-oil-reserves-overst...
-------------------------------------------
Well, there you have it. US are clear about Peak Oil, something we have known for the past 6 years.

Saudi Arabia tells us that they have lots of oil, but if we look at graphs of their historical production, there is nothing that looks like an upward trend. In fact, recent production is lower than it was in the late 1970s and early 1980s.

Exports are down because Saudi Arabia is consuming more and more of its own oil, so there is less available for others (production about 10mbd, home consumption about 2.5mbd, export 7.5mbd - the least for over 20 years!. See here: http://www.theoildrum.com/node/7465.

We are clear that the second oil crisis this century is about to hit us and that Transition seems to offer the only way forward we are aware of.

Time for action!