Posted on 11/09/2017 7:38:25 AM PST by bananaman22
Saudi Arabia’s reports about declining crude oil inventories were instrumental in the buildup of trust on the market that OPEC’s—and the Kingdom’s specifically—efforts to rebalance crude oil’s fundamentals were working. Now, a satellite imaging company, Orbital Insights, is challenging these reports, suggesting that OPEC’s leader may have well been lying to get prices higher.
While this would not exactly be a surprise, it would throw a stone in the quiet waters of the official OPEC narrative that has played a lead role in several oil price rallies so far this year. And here’s the size of this stone: Orbital satellite data suggests that Saudi Arabia’s crude oil inventories have risen slightly since early 2016—not dropped. A slight rise in itself would normally not be a big deal, but Riyadh has been reporting declines in inventories over this period, to the tune of some 70 million barrels.
(Excerpt) Read more at oilprice.com ...
No
I ask you, Would a Muslim lie?......................
It will catch up to them. They will run out of room to store the surplus, and then look out!
Dudden matter. Israel has projected more oil under the ground than the Saudi’s and also all those millions under the sea in natural gas. THIS will be the “hooks in the jaw” that will bring Russia to Israel per Ezekiel 38 and 39. GOD has indeed blessed Israel.
“...but Riyadh has been reporting declines in inventories over this period, to the tune of some 70 million barrels.”
Big whoopie. That’s about 3.5 days of oil consumption for the United States.
(this is what happens when business-related publications go out and hire ‘journalism majors’ to stories that involve numbers...and ‘journalism majors’ HATE MATH)
Is the Pope Catholic?
Is Mohammed muslim?
Was John the Baptist a Christian?
Was...well, you get the picture.
The Saudi's are NOT our friends.
Never have been, never will be.
State sponsors of terrorism and advocates of muslim rule.
As long they are the ones ruling, of course.
To hell with Saudi Arabia...we really don't need their oil.
We'll overcome the pitfalls of fracking...the technology of today is slowly rendering oil obsolete and there is some viable theories about abiotic oil deposits.
We will never be totally independent of oil, even with emerging and viable electric and electronic technology, but asshole nations like Saudi Arabia that seek to control the world through manipulation of oil markets and availability will feel the crunch the hardest.
I hope they all die slow deaths.
Perhaps they can eat that oil.
if the Saidis get nuked would any of that catch fire and if it did, could it ever be put out?
“I ask you, Would a Muslim lie?......................”
When do they not?
“The Saudi’s are NOT our friends.”
“Never have been, never will be.”
Agreed.
Back in ‘03, Dore Gold wrote the book “Hatred’s Kingdom: How Saudi Arabia supports the new Global Terrorism”.
This book was really an eye-opener and it forever changed how I viewed the Saudis. They are truly bad bad people.
For anyone who may be in doubt, buy the book (or you could probably get it at your local library) and see for yourself.
A good book.
Just a tad too heavy on unsourced diplomatic stuff and he has been accused of a...shall we say...slight bias, since he's Israeli born, but nothing he wrote has been shown to be wrong.
If I recall, this is also the guy that excoriated GWH Bush and his bumbling diplomacy of "the enemy of my enemy is my friend".
Not positive on that, have to relook, but he does know of what he writes.
I recommend the book to anyone that has a doubt about the ultimate aims of the Saudi Kingdom and the effect it will/has had on Israel and the rest of the world, especially in terms of the Saudi's state sponsorship of terrorism...which they deny, vehemently...of course.
> “When do they not?”
During Ramadan. But there’s the problem of locating them during Ramadan. They are nowhere to be found, seriously here is no business to be transacted during Ramadan. So the one time they are forced to tell the truth is mooted by their disappearance.
If you want to know if Saudis are lying, simply check if their lips are moving.
The Saudi’s want to sell 5% of the National oil company Aramco by doing a public offering on foreign stock exchanges, this will be late 2018 or in 2019. Trump has asked the to list it on the New York Stock Exchange. The Saudi’s have every reason to promote the company value ahead of a public offering of stock. The Saudi’s value Aramco’s total worth at $2 trillion, this is four times the value of Apple and Apple is the most valuable corporation in the Fortune 500. The Saudi’s hope to sell 5% of Aramco for $100 billion or more, about 1/7th of their annual GDP.
By the way, selling an ownership stake in resources in the land of Mecca and Medina will absolutely enrage Iran and Muslim fundamentalists everywhere.
All kidding aside, we really do need your continuing support to keep FR funded. [FReepathon XL]
http://freerepublic.com/focus/f-news/3603207/posts
How about it, Bananaman? A few dollars to cover some of the cost of your clickbait?
The claim was backed by satellite imaging...
Cheers
Oil Price would be a gossip rag if it were in print. They take contributions form anyone. Writers write and talkers talk and if nobody reads or listens they are out of job.
Everybody, including us, have our own Speaker’s Corner now.
Didn’t know...I figured it was some industry publication. I have to assume they meant billion barrels, rather than million...but heck, you’d think they’d understand the difference enough to get it right.
Fracking began at least as far back as 1940's. Fracking of horizontal borehole in shale with temporary plugs to break the play into stages is more recent.
See page 55 for beginning of tight shale commentary--page 65 & 66 for illustrations:
http://segim.northwestern.edu/docs/bazant.pdf
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