Skip to comments.Saudi Arabia Cuts Oil Output, Export: Industry Report
Posted on 02/19/2012 5:24:41 PM PST by NRG1973
The worlds 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 Arabias 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.
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?
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.
There is nothing in it for them since Obummer lets Iran do whatever the hell they wishe to do.
wishe = wish.
But I'm not going down without a fight to the VERY END. I'm pretty sure I have a lot of company.
Not quite but we're close. However if you look a generation out we're definitely done.
Just like I read during the Carter years. Good thing that was a lesson and we started drilling for our own oil. Oh ... wait ...
Can't disagree with you there.
This could be the beginning of the end. Looks like obama and his muslim brethren are about to hit the U.S. in the gut. The plan is coming together.
Meanwhile, gold and silver are up a bit. Will they continue to rise? They should. Eventually it’ll take some gold to buy gas.
That's part of it, the Saudi's ain't stupid economically.
However, it's more about survival and protection. The Saudi royals have a dream on Earth protected by US military might. They paid a pittance to Muslim Brotherhood, al Queda, and Taliban types for peace while exiling or beheading any non Saudi fundamentalist Muslim that caused a bruise in their applecart with the US.
At the same time they fund Mosques all over the west, but not in the surrounding Arab states. The radical Muslims in those states have always had eyes on the Saudi Royals income to fund the Muslim Brotherhood's expansion to a Grand Caliphate without the Saudi's, just with their money and oil.
With the US history of double crossing and selling out friends, and now getting on it's knees to terrorist nations, the Saudis know what's coming.
Russia and China will give them protection from Iran and the Muslim Brotherhood's Caliphate, but the price will be selling oil to China, and strangling the west's energy for Russia's benefit, and the Saudi's won't be losing much dough, while saving their lives and positions.
This is truly America’s last chance both in terms of fiscal sanity and illegal immigration. If Obama was re-elected and the Dems retook the House, look for a general amnesty for the illegals which would ensure Democrat control for two generations. Of course, the election of a Republican is no guarantee that either amnesty will be defeated or the budget will be balanced.
Screw that attitude! I'm with Jimmy V ... Don't Give Up! Don't Ever Give Up!
Hey dog, you sound quite Tokyo Rose - ish
Yep, Zer0 is consistent.
Looks like the SAUDI’S don’t want Obama reelected, either.
NO WAY this moron wins if gas hits $5 a gallon this summer.
It all smells of doom for Obama.
Which is why they are trying so hard to make social issues the political battle subject of choice. If go into November arguing contraception, don't ask don't tell, gay marriage, etc., the battle democrats are choosing for us, then they win. If we go into it talking about gas prices, the economy, drug cartels at the border, broken Obama promises, then we win.
“Even the Lame Stream Media can’t ignore Obamas destruction forever.”
I wish I could believe that. The Lame Stream Media and Commursts have no shame. They will do whatever necessary, legal or illegal, to assure The One wins.
Then the evil in the WH will have gotten it's way. Those kinds of prices will ensure millions give up services and amenities they now take for granted. That will result in the loss of even more jobs. Other prices will go up with it, causing another loop around the circle and we will look at Greece as a place we want to be.
“Do you never look at the maps. “
I pretty much just use GPS anymore...
World demand (not US demand) for oil has climbed some, not decreased.
OPEC oil production had been climbing, so Saudi backing down is more like reaching a stable level.
World oil supply in general has been climbing as well. As you mentioned, Brazil but even the US has climbing production, as well as others.
While ya’ll are being distracted by gas prices, Electricity Prices Are SOARING, thanks to Barry’s forced shut down of dozens of coal-fired power plants in the last two minths.
ELECTRICITY ($/megawatt hour)
PRICE* CHANGE % CHANGE TIME
Mid-Columbia, firm on-peak, spot 24.72 2.53 11.40% 02/17
Palo Verde, firm on-peak, spot 27.20 3.03 12.54% 02/17
Combined with the supply of Natural Gas from Shale, we are going to see a lot of building of Natural Gas power plants in many areas of the nation.