Saudis May Not 'Need' to Raise Oil Capacity After 2009

[IDemo]

By Maher Chmaytelli and Nesa Subrahmaniyan

May 2 (Bloomberg) -- Saudi Arabia, holder of the world's largest oil reserves, may not need to increase its oil-production capacity after 2009, the country's oil minister said, because conservation and alternative energy sources could curb the consumption of oil.

``As we approach 2009, we will look at our plan and see if demand warrants additional increase in capacity,'' the minister, Ali al-Naimi, said at a press conference after a conference with Asian energy officials in the Saudi capital of Riyadh.

``Our feeling now is that with the thrust and push for conservation, for efficiency of use, for use of alternative-sources energy, we probably need not go beyond 12.5'' million barrels a day, the capacity projected for the end of 2009, Naimi said.

``But that is guessing right now,'' he added. ``We don't know what the impact of the measures of conservation, of efficiency and alternative fuels is going to do to demand.''

http://www.bloomberg.com/apps/news?pid=20602099&sid=ataHAA7GX3js&refer=energy


Considering that just getting to 12.5mbpd, let alone beyond it, may be beyond their abilities now, this looks like a step in the direction of admitting they won't be oiling our future for the next century as they have been suggesting until very recently.

[no_hypocrisy]

1. "may not" = "cannot"

[orleans]

2. well then...they'd better make hay while the sun shines and screw us while they can n/t

[hatrack]

3. And we all how just how supportive the al Saud have been of alternative energy . . .

:eyes:

[phantom power]

4. There should be a pool.

A pool on how long OPEC can avoid admitting they've peaked. I think I'll put my marker down on 2 more years.

[GliderGuider]

5. He's given us a clue.

Here's how I read the announcement:

He expects that by 2009 global oil depletion will have set in to such an extent that it wouldn't matter if KSA could raise their production - it wouldn't help anyway, so there will be no need to try.

Samsam Bakhtiari expects a 30+% decline in oil supply by 2020. There is nothing in the Saudi position to put that fear to rest. We're about done.

[4dsc]

7. Oil is worth more in the ground

than money in the bank.. I think besides oil depletion we also have the coming problem of export declines as oil producing nations realize they are sitting on their own futures.. Why should they have to EXPORT oil for other countries to waste!!

[pscot]

6. Finding virtue

in necessity.

[NNadir]

8. It makes no difference whether they can't or won't need to do so.

If it were true that demand was falling for whatever reason, it would be a good thing.

The world should be working proactively to ban oil.

[FogerRox]

9. I smell BS.. LOL

[GliderGuider]

10. That's a nice graph, isn't it? All the bullshit just goes sliding down that slope on the right.

[FogerRox]

11. shhh, I stole it, dont tell

TOD of course.

[IDemo]

12. How's this for apropos?

Fifty-Year Crude Oil Outlook - Saudi Aramco's Perspective

The requested resource does not exist.

Now they're even admitting the oil is 404!

[GliderGuider]

13. Yet more evidence that the gods have a sense of humour!

Granted, it's pretty black humour at times, but still, nothing is worse than serious gods.