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Saudi Arabia, the world’s biggest oil exporter, is planning to increase its output next month by about a half-million barrels a day, according to analysts and oil traders who have been briefed by Saudi officials.
The increase could bring Saudi output to a production level of 10 million barrels a day, which, if sustained, would be the kingdom’s highest ever. The move was seen as a sign that the Saudis are becoming increasingly nervous about both the political and economic effect of high oil prices. In recent weeks, soaring fuel costs have incited demonstrations and protests from Italy to Indonesia.
Saudi Arabia is currently pumping 9.45 million barrels a day, which is an increase of about 300,000 barrels from last month.
While they are reaping record profits, the Saudis are concerned that today’s record prices might eventually damp economic growth and lead to lower oil demand, as is already happening in the United States and other developed countries. The current prices are also making alternative fuels more viable, threatening the long-term prospects of the oil-based economy.
President Bush visited Saudi Arabia twice this year, pleading with King Abdullah to step up production. While the Saudis resisted the calls then, arguing that the markets were well supplied, they seem to have since concluded that they needed to disrupt the momentum that has been building in commodity markets, sending prices higher.
The Saudi plans were disclosed in interviews with several oil traders and analysts who said that Saudi oil officials had privately conveyed their production plans recently to some traders and companies in the United States. The analysts declined to be identified so as not to be cut off from future information from the Saudis.
Last week, King Abdullah also took the unprecedented step of arranging on short notice a major gathering of oil producers and consumers to address the causes of the price rally. The meeting will be held on June 22 in the Red Sea town of Jeddah.
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Saudi Arabia is completing a huge expansion program in its oil industry that is expected to bring its production capacity to 12.5 million barrels a day by 2009. As part of that expansion, Saudi Aramco, the country’s national oil company, is planning to start soon an oil field, called Khursaniyah, with a daily production rate of 500,000 barrels.
The production increase, which would amount to less than 1 percent of global consumption, could be made public next week at the energy meeting, which is expected to bring together a large number of consuming and producing countries, including the United States, Russia, Britain, China, India and Japan.
While the meeting is not expected to achieve anything tangible, Saudi officials hope that tackling the issue publicly will break the upward momentum that is dominating oil markets.
“They’ve created pressure on themselves to make a concrete move at this meeting,” said Adam Robinson, an analyst at Lehman Brothers. “But when the king calls an oil summit, the markets would do well to take heed.”
From the same article. If it's not okay to post more than 4 paragraphs total feel free to edit. I was mostly interested in the increase amounting to 1 percent of global consumption...is that per day, week, month, year? Forever?
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ya people will drive more and literally drive up the demand and the price wil stay the same. americans consume too much and are too greedy and wasteful
__________________ "There are two categories of superbowl participants that nobody remembers:
The team that lost the game and the team that only won one." Dwight White- Steelers
ya people will drive more and literally drive up the demand and the price wil stay the same. americans consume too much and are too greedy and wasteful
You can't simply blame America, in all honesty. Part of the current problem is related to the ever growing, ever voracious appetite of China and India.
China is bringing something like 3 new coal fired electric plants on line a day...and they'll buy pretty much all the crude produced. So we're bidding against other nations for a supply now, which didn't used to be the case to this extent.
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The main reason is the country is so big. We have vast areas of nothing to get across to go from here to there.
you are correct. we could benefit from a hi speed train
Quote:
Originally Posted by a.paul
You can't simply blame America, in all honesty. Part of the current problem is related to the ever growing, ever voracious appetite of China and India.
China is bringing something like 3 new coal fired electric plants on line a day...and they'll buy pretty much all the crude produced. So we're bidding against other nations for a supply now, which didn't used to be the case to this extent.
you are correct. too big of a demand world wide and the world has caught up to the US. We need smaller vehicles and need to be able to plug them in for energy/recharging.
__________________ "There are two categories of superbowl participants that nobody remembers:
The team that lost the game and the team that only won one." Dwight White- Steelers
you are correct. we could benefit from a hi speed train
you are correct. too big of a demand world wide and the world has caught up to the US. We need smaller vehicles and need to be able to plug them in for energy/recharging.
Okay, but here's a problem with the high speed train--you're asking people to spend longer on a train than they can on a plane, and the train wouldn't work as a commuter.
The other problem is that you're talking about plugging in the car--where is the electricity coming from? Most is generated by coal fired burners, and coal is fairly dirty.
So...do we go nuclear?
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Okay, but here's a problem with the high speed train--you're asking people to spend longer on a train than they can on a plane, and the train wouldn't work as a commuter.
The other problem is that you're talking about plugging in the car--where is the electricity coming from? Most is generated by coal fired burners, and coal is fairly dirty.
So...do we go nuclear?
between check in time at the airport(usually 2 hrs in advance of flight), checking in baggage, time on the tarmac, time waiting for a window to land, and layovers i think train travel could equal out. obviously you will have some of those problems with trains too.
go with coal because it's cheaper. there could soon be the day we do need to go nuclear. maybe it's now. if they can make a nuclear sub i think they could do another power plant.
__________________ "There are two categories of superbowl participants that nobody remembers:
The team that lost the game and the team that only won one." Dwight White- Steelers
you are correct. we could benefit from a hi speed train
That's a different discussion than "greedy and wasteful" IMO. I agree we aren't well set up for many things - including having trucks driving across the country instead of trains. "Greedy and wasteful" read to me as individuals and I don't really agree with that.
That's a different discussion than "greedy and wasteful" IMO. I agree we aren't well set up for many things - including having trucks driving across the country instead of trains. "Greedy and wasteful" read to me as individuals and I don't really agree with that.
I still think Americans are greedy and wasteful and I guess we've been raised that way. Some can see beyond it and are frugal but most waste.
All I have to do is look at how much food is wasted in a high school caf. Or nitwits who water their lawn in the middle of the day when half evaporates and they have no qualms about wasting water. or cranking their AC so it's 60 degress in a 2500 sq ft house. or better yet they heat their house, it gets too hot so they open the windows. colleges are the biggest offenders with students wasting heat, etc. and i love the attitude amongst people that they won't cut back, they will keep on consuming despite prices rising.
most people don't get it that we're in this together and if everyone wastes then we're screwed but if each person cut back things would be ok.
__________________ "There are two categories of superbowl participants that nobody remembers:
The team that lost the game and the team that only won one." Dwight White- Steelers
Plan Would Lift Saudi Oil Output
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