al-Jubeir basically calls Simmons et al liars...
Posted by Prof. Goose on June 9, 2005 - 10:18am
This article from AP today is an extensive interview with Adel al-Jubeir...basically sounds like pure propaganda from the Saudi elite on their output potential and reserves...but as we have said many times on this blog, it is to the Saudis' benefit to not tell us the truth about any of this. Worth the read, I suppose.
Here's some snippets:
"The world is more likely to run out of uses for oil than Saudi Arabia is going to run out of oil," Adel al-Jubeir, top foreign policy adviser for Saudi Arabia's de facto ruler Crown Prince Abdullah, said Wednesday.
In a wide-ranging interview with The Associated Press, Al-Jubeir said relations between his nation and the Bush administration were strong but "the environment in which the relationship operates ... still leaves a lot to be desired."
He denied his country has any nuclear weapons ambitions, despite international concerns about a Saudi request to lower international scrutiny of its lone nuclear reactor.
He said he was "bullish" about the Saudi economy, which although based on the country's vast oil reserves has also diversified to include a galloping stock market.
Al-Jubeir dismissed speculation, including in a recent book, that the country was hiding the true picture of its oil reserves and that it may have far less than publicly assumed. He said Saudi Arabia has proven reserves of 261 billion barrels, and with the arrival of newer technology could extract an additional 100 billion to 200 billion barrels.
"We will be producing oil for a very long time," al-Jubeir said.
Saudi Arabia now pumps 9.5 million barrels of oil daily, with the capacity to produce 11 million barrels a day. The country has pledged to increase daily production to 12.5 million barrels by 2009, and the nation's oil minister said last month the level of 12.5 million to 15 million barrels daily could be sustained for up to 50 years."
Video from the AP interview is available at:
http://wid.ap.org/video/saudi.rm
Go to the postings for today
Technorati Tags: peak oil, oil
Here's some snippets:
"The world is more likely to run out of uses for oil than Saudi Arabia is going to run out of oil," Adel al-Jubeir, top foreign policy adviser for Saudi Arabia's de facto ruler Crown Prince Abdullah, said Wednesday.
In a wide-ranging interview with The Associated Press, Al-Jubeir said relations between his nation and the Bush administration were strong but "the environment in which the relationship operates ... still leaves a lot to be desired."
He denied his country has any nuclear weapons ambitions, despite international concerns about a Saudi request to lower international scrutiny of its lone nuclear reactor.
He said he was "bullish" about the Saudi economy, which although based on the country's vast oil reserves has also diversified to include a galloping stock market.
Al-Jubeir dismissed speculation, including in a recent book, that the country was hiding the true picture of its oil reserves and that it may have far less than publicly assumed. He said Saudi Arabia has proven reserves of 261 billion barrels, and with the arrival of newer technology could extract an additional 100 billion to 200 billion barrels.
"We will be producing oil for a very long time," al-Jubeir said.
Saudi Arabia now pumps 9.5 million barrels of oil daily, with the capacity to produce 11 million barrels a day. The country has pledged to increase daily production to 12.5 million barrels by 2009, and the nation's oil minister said last month the level of 12.5 million to 15 million barrels daily could be sustained for up to 50 years."
Video from the AP interview is available at:
http://wid.ap.org/video/saudi.rm
Go to the postings for today
Technorati Tags: peak oil, oil
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Let us take them at there word -- 261M barrels of reserves. 15M b/d for 50 years equal 273B barrels of oil.
Has any oil field in the world managed to extract allits oil reserves? Any takers for this question?
If we also take them at their word that they can increase from 9.5 million per day to 15.0 per day, that is an increase of 5.5 million per day.
If oil demand goes up only 2.2% per year, that 5.5 million is used up by 2007/2008...assuming that no other country decreases production.
So, where does the increase come from for the years after that? Not from Saudi Arabia.
"The world is more likely to run out of uses for oil than Saudi Arabia is going to run out of oil."
Nice. I'm speechless. I don't even know what to say.
Rick--How about Libya? Fascinating story on Libya on NPR's Morning Edition yesterday. I was thinking about writing about it in a main post yesterday, but got too busy. Maybe I'll summarize it later today.
Rajiv -
Only one field, the Clampett Field (which is in Beverly Hills CA), has ever extracted all of their oil. The Clampett extraction method was a .306 rifle shot, which missed a rabbit but depleted the reservoir in less than 5 months. I know this because my cousins brother-in-law is married to Jed Clampetts nieces second cousin, twice removed.
BTW, wanna know some internet stock secrets?
Hey, we all knew this was going to happen. A country which is leveraged with 95% debt cannot allow the banks to see that the emperors clothes are a tad thin....
oops! I hate that sign in thing...
above anons were from me.
It's not all lies.
You are just projecting into his crafty language, an interpretation that is not justifiably there.
Read again, slowly. Read between the lines:
"The world is more likely to run out of uses for oil [because those uses will be uneconomical when oil is at >$100/b] than Saudi Arabia is going to run out of [the very last drop of] oil," Adel al-Jubeir, top foreign policy adviser for Saudi Arabia's de facto ruler Crown Prince Abdullah, said Wednesday.
--what is not true about that?
Very true. You don't have to lie with all of the willing suckers out there.
J,
Not being very much into contemporary American Culture, particularly of the sitcom variety, I am not quite up to date about the functioning or lack thereof of Clampett Oil. Though I did hear of the scandalous Bush association with the Clampett family. See - http://www.freerepublic.com/focus/news/717033/posts