Industrialized Cyclist Notepad


Saudi Arabia gets high on its own supply

Leaving less for our late-night Taco Bell runs.

DUBAI, Nov 19 (Reuters) – Saudi Arabia burned record volumes

of crude oil over the summer, official government figures show,

contrary to its aim of using more gas for power generatation to

reduce wastage of crude that it could export.

During the peak period from early June through September,

Saudi Arabia burned an average of 763,250 barrels per day (bpd)

of crude, compared to an average of 701,250 bpd last year and

747,750 bpd in the previous record summer of 2010, official

government data issued on Sunday under the Joint Oil Data

Initiative (JODI) shows.

via Saudi summer oil burning hits record high in 2012 -JODI – Yahoo! News.



The amazing red mound

The happy talk on future production is crazier than ever in the latest IEA World Energy Outlook, but there are also some stunningly pessimistic predictions buried inside. Wild!

For instance: The US will become number one oil producuh again and rediscover our lost oil-producing prowess with about 11 million barrels/day (Yay!) — which must mean Saudi Arabia won’t approach IEA’s previous prediction for that country of roughly 15 mbd output (Ooof). And the predicted exporter status of the US (Yay!) relies as much on a huge drop in consumption as it does on increases in production (Ooof). So it’s a bit of a sad day in IEA land, where consumption always went up, up, up.

From Tverberg:

The International Energy Agency (IEA) provides unrealistically high oil forecasts in its new 2012 World Energy Outlook (WEO). It claims, among other things, that the United States will become the world’s largest oil producer by 2020, and will become a net oil exporter by 2030.

Figure 1. Author’s interpretation of IEA Forecast of Future US Oil Production under “New Policies” Scenario, based on information provided in IEA’s 2012 World Energy Outlook.

Figure 1 shows that this increase comes solely from the expected rise in tight oil production and natural gas liquids. The idea that we will become an exporter in later years occurs despite falling production, because “demand” will drop so much.

via http://ourfiniteworld.com/2012/11/13/iea-oil-forecast-unrealistically-high-misses-diminishing-returns/

Note that IEA and other maniacs add NGLs, biodiesel and even ‘refinery gain’ to the US oil production number, in a crude attempt to fool y’all.



Weird Discrepancy

…between official Russian oil production numbers and JODI numbers.

via http://www.forbes.com/sites/markadomanis/2012/05/20/is-russian-oil-production-plummeting/



Senator Schumer wants Saudi Arabia to talk down oil prices

But Senator — to what degree will desperate-sounding ‘comments’ from US officials like yourself counteract those hypothetical emphatic promises? Seems like Shoom is scrambling for relevance.

Schumer called on Saudi Arabia to repeat its intention to make up for supply losses, arguing the comments will drive down gas prices, which are tethered to global oil prices.

“If the markets believe this is real, the price will come down even further. So we are asking the Saudis to repeat this promise,” Schumer said.

“The more explicit they are, the more emphatic they are, the more they ensure the markets that they are for real here,” he continued, “the more the markets will calm down more permanently and the more the price will come down.”

via Schumer: Saudi Arabia's plan to increase oil supply will lower gas prices – The Hill's E2-Wire.




Follow

Get every new post delivered to your Inbox.

Join 82 other followers