Topic: Price of Oil

[Triple Bob]

Well, my family is not really concerned about the price of oil, as the majority of the driving is my commute, which is 100% electric. 
Turns out I thought I was buying my Smart ED for partially practical reasons like environment and fuel economy, but it ended up winning me (and my wife) over for it's fun to drive aspects.

We test drove a Tesla last week and it's only a matter of time when we are a 100% electric car only family, mostly for the fun to drive quotient.

Most people own more car than they need, so gas prices are simply part of the equation, but once they experience something that rides with more refinement, and trust me, the effortless speed and quiet thrust of an electric motor powered car nails the luxury element if you ask me.

This is the funniest, 'I definitely did the right thing' post. 

[Triple Bob]

So....$75 by January 

A little lower.

[Northernridge]

Here's a Globe article that contemplates Saudi's oil problems within the kingdom. Includes a scenario where SA becomes a net importer of oil by 2030. The journalist says he paid $.16/litre on a recent trip there.

http://www.theglobeandmail.com/report-on-business/international-business/saudi-arabia-has-a-big-problem-and-its-called-oil/article22072028/

[Sir Osis of Liver]

Saudi Arabia has long been suspected of overstating their current reserves. They've made very few substantial new finds, and haven't derated the fields they currently have in production. Sooner or later, they aren't going to keep up the charade. Then the organic metabolic by-products are going to hit the rotating oscillator.

The sudden revisions in OPEC reserves, totaling nearly 300 bn barrels, have been much debated.[23] Some of it is defended partly by the shift in ownership of reserves away from international oil companies, some of whom were obliged to report reserves under conservative US Securities and Exchange Commission rules.[21][24] The most prominent explanation of the revisions is prompted by a change in OPEC rules which set production quotas (partly) on reserves. In any event, the revisions in official data had little to do with the actual discovery of new reserves.[21]

Total reserves in many OPEC countries hardly changed in the 1990s.[21] Official reserves in Kuwait, for example, were unchanged at 96.5 Gbbl (15.34×109 m3) (including its share of the Neutral Zone) from 1991 to 2002, even though the country produced more than 8 Gbbl (1.3×109 m3) and did not make any important new discoveries during that period.[21] The case of Saudi Arabia is also striking, with proven reserves estimated at between 260 and 264 billion barrels (4.20×1010 m3) in the past 18 years, a variation of less than 2%,[21] while extracting approximately 60 billion barrels (9.5×109 m3) during this period.

Sadad al-Huseini, former head of exploration and production at Saudi Aramco, estimates 300 Gbbl (48×109 m3) of the world's 1,200 Gbbl (190×109 m3) of proven reserves should be recategorized as speculative resources, though he did not specify which countries had inflated their reserves.[25] Dr. Ali Samsam Bakhtiari, a former senior expert of the National Iranian Oil Company, has estimated that Iran, Iraq, Kuwait, Saudi Arabia and the United Arab Emirates have overstated reserves by a combined 320–390bn barrels and has said, "As for Iran, the usually accepted official 132 billion barrels (2.10×1010 m3) is almost one hundred billion over any realistic assay."[26] Petroleum Intelligence Weekly reported that official confidential Kuwaiti documents estimate reserves of Kuwait were only 48 billion barrels (7.6×109 m3), of which half were proven and half were possible. The combined value of proven and possible is half of the official public estimate of proven reserves.[22]

In July 2011, OPEC's Annual Statistical Review showed Venezuela's reserves to be larger than Saudi Arabia's.[27][28]

https://en.wikipedia.org/wiki/Oil_reserves#OPEC_countries

[rrocket]

^^My bro is a regional executive for an oil exploration company in Egypt.  I should ask him what he knows (if anything) about what the industry thinks of Saudi Arabia.

[Sir Osis of Liver]

^^My bro is a regional executive for an oil exploration company in Egypt.  I should ask him what he knows (if anything) about what the industry thinks of Saudi Arabia.

Somewhere around half of Saudi production comes from the Ghawar field. Information is tightly controlled. So far its production is holding relatively stable around 5-5.3mmbpd. But there isn't any independent corroboration. Apparently the water cut has increased from 28% to 38%, based on possible faulty information. That could be an early indication of falling off the production plateau.

Pretty much impossible to get the full story.

[rrocket]

^^My bro is a regional executive for an oil exploration company in Egypt.  I should ask him what he knows (if anything) about what the industry thinks of Saudi Arabia.

Somewhere around half of Saudi production comes from the Ghawar field. Information is tightly controlled. So far its production is holding relatively stable around 5-5.3mmbpd. But there isn't any independent corroboration. Apparently the water cut has increased from 28% to 38%, based on possible faulty information. That could be an early indication of falling off the production plateau.

Pretty much impossible to get the full story.

I was thinking more along personal opinions.      Like "Saudi Arabia?  Oh yea, they're facked."

[Sir Osis of Liver]

^^My bro is a regional executive for an oil exploration company in Egypt.  I should ask him what he knows (if anything) about what the industry thinks of Saudi Arabia.

Somewhere around half of Saudi production comes from the Ghawar field. Information is tightly controlled. So far its production is holding relatively stable around 5-5.3mmbpd. But there isn't any independent corroboration. Apparently the water cut has increased from 28% to 38%, based on possible faulty information. That could be an early indication of falling off the production plateau.

Pretty much impossible to get the full story.

I was thinking more along personal opinions.      Like "Saudi Arabia?  Oh yea, they're facked."

Could just as likely be as accurate as the analysts. 

[rrocket]

So if all these ME countries know the end game why are they spending their money so foolishly.......or maybe that's why.

Live now 

You know what the business community thinks of you? They think that a hundred years ago you were living in tents out here in the desert chopping each other's heads off and that's where you'll be in another hundred years, so, yes, on behalf of my firm I accept your money.

Bryan Woodman--Syriana

[Snowman]

It's all going to end badly in 100-150 years 

[Sir Osis of Liver]

It's all going to end badly in 100-150 years 

If we don't get serious, oil won't be the biggest issue we face.

[rrocket]

^^NY being under water wouldn't be so terrible IMO.   

[Sir Osis of Liver]

^^NY being under water wouldn't be so terrible IMO.   

It could use a rinse.

[Snowman]

It's all going to end badly in 100-150 years 

If we don't get serious, oil won't be the biggest issue we face.

[mmret]

Look on the bright side....the V8 rumble grows louder

[ArticSteve]

 

Western Canadian Select fell to US$39.38 a barrel Monday, the lowest since April 2009, according to data compiled by Bloomberg. The grade, which has higher sulfur content than U.S. benchmark West Texas Intermediate, sold at an average US$18.78 a- barrel discount in the past year, according to data compiled by Bloomberg.

[Snowman]

http://www.mining.com/web/how-sustainable-is-canadian-oil-gas-at-50-oil/

[blotter]

http://www.mining.com/web/how-sustainable-is-canadian-oil-gas-at-50-oil/

thanks for that.

I've downloaded the report and it'll make for some good lunch time reading

[random006]

An interesting take on the current Saudi position:

http://www.energypost.eu/historic-moment-saudi-arabia-sees-end-oil-age-coming-opens-valves-carbon-bubble/

[Snowman]

Love this guy.

http://www.theglobeandmail.com/report-on-business/video/video-dont-buy-energy-stocks-oil-will-keep-falling-oleary/article23317125/