Please Donate Toward The Purchase And Keep FR Up And Running!
Posted on 02/19/2012 5:24:41 PM PST by NRG1973
The world’s top oil exporter, Saudi Arabia, appears to have cut both its oil production and export in December, according to the latest update by the Joint Organizations Data Initiative (JODI), an official source of oil production, consumption and export data.
The OPEC heavyweight saw production decline by 237,000 barrels per day (bpd) from three-decade highs of 10.047 million bpd in November, the JODI data showed on Sunday.
The draw-down was sharper for the actual amount exported, declining by 440,000 bpd, or 5.6 percent, to come in at 7.364 million bpd, the data also showed. The level would still be similar to exports after a steep ramp-up last June.
In its monthly report on February 10, the IEA put Saudi Arabia’s production number for December slightly lower at 9.55 million bpd, a disparity of 260,000 bpd versus the JODI data.
(Excerpt) Read more at cnbc.com ...
If only Obama had bowed lower to the Saudi king this never would have happened.
It MAY be that the demand has decreased OR there are new sources for the world market....like Brazil and Russia.
It all smells of doom for Obama.
That might be true but a headline like this one, at a time like, this isn't going to put DOWNWARD pressure on oil prices.
Ping.
Obama will win by a landslide. No matter how bad it gets. 50% of Americans are on the dole, so there is no chance of a Republican President ever again. And the Dems will regain the House.
And we become a Marxist dictatorship.
Live with it. The game is over and the 60s Commies won.
This will please both.
Yeah, but will they put down their crackpipes long enough to show up to vote on election day.
Don't forget...many of those 50% are retirees on Social Security who have to buy food and gas in this environment.
I also wonder if they see the US printing more money to monetize its debt and they know that such a move will drive up food prices for them and other Persian Gulf countries. So they are going to beat the fed to the punch by cutting exports.
By the way, crude oil is now trading at over $104....thats a $2 increase in the few hours since this news broke.
Not exactly, except for our own new production, in the Bakken and the Marcellus. No less an expert than T. Boone Pickens explained back during the BP Gulf bust that the Soddies did not really have any extra capacity even tho they said the’d ramp up a little extra to make up for the lost Gulf oil.
But the Soddies have their own problems now, even their own version of Arab Springtime, etc. and they simply can’t sustain max output without serious occasional downtime. I have a map of their pipeline grid on the wall here at the shop and it’s easy to see the only way they can increase production in a large way would be to overlay another pipe grid. They aren’t about to do that since the Princes make all the money they need doing what they’re doing.
Get ready for another jolt at the pump——three years ago I predicticated 9 dollar gas——it’ll take a little longer but we need to plan for it as long as Obamuzzie is running stuff.
It costs those worthy oriental gentlemen about $2.50 to pump and ship a "barrel" of oil. Rest assured that (1) They have not "cut production." And (2) they are royally upset with The Mombasa MF's lack of direction on the Iran situation.
Embarrassingly for the Saudis, their major fields lie in the NE part of their territory ... a region with a heavy Shiite population and therefore a center of Iran-inpsired unrest from time to time.
Was it over when the Germans bombed Pearl Harbor?
http://www.youtube.com/watch?v=vypGPc2LVFo&feature=related
No worry, obamma will flood the markets this Summer with our underground oil reserves, to lower gas prices so he can win re-election this Fall.
0bama is toast if he can’t convince the Saudi’s to increase production. Toast.
They are by no means all dead beets. They also include a very large amount of people who had to take early retirement at 62 They lost wage and future benefits and they do not like it.
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