Article

2011-06-11 Arabia

Saudis Ready to Pump Oil After OPEC Collapse

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Posted by phil_b 2011-06-11 00:09|| || Front Page|| [11126 views ] Top

#1 This is as much an attempt to hurt Iran's economy as it to alleviate the economic effects on the rest of the world and the US in particular.

Not to mention discouraging American attempts to drill at home.

Posted by trailing wife 2011-06-11 08:42|| 2011-06-11 08:42|| Front Page Top

#2 ...An interesting thought here is that we've been told for quite some time now that the Saudi reserves are actually less than they've been saying and that their production capacity is maxed out - yet they're saying they will ramp up production 1.2 BPD. What gives?...

Mike

Posted by Mike Kozlowski 2011-06-11 10:22|| 2011-06-11 10:22|| Front Page Top

#3 TW, the Saudis don't need to discourage American attempts to drill at home, our President is doing that just fine on his own...

Posted by Steve White 2011-06-11 11:20|| 2011-06-11 11:20|| Front Page Top

#4 TW, the Saudis don't need to discourage American attempts to drill at home, our President is doing that just fine on his own...

Dr. Steve, the Saudis have been open about manipulating the market to persuade potential major producers not to get into the game, or to move seriously to alternatives that would make their export less necessary. That our current president Is willing for his own reasons to actively support their effort doesn't change that they've been doing this since the oil crisis back in the 70s.

Posted by trailing wife 2011-06-11 12:30|| 2011-06-11 12:30|| Front Page Top

#5 Mike, the Saudis themselves spread those rumors on the side in order to increase the price of oil. They've got a lot of land they haven't properly explored to begin with, and a lot more that has produced that would be amenable to more modern means of production and workover.

They may be relatively low on the $ 10/bbl production cost oil, but then that means they'll have to move to the fields where it's $ 20/bbl. Which probably means something like $ 60/bbl profits instead of $ 70/bbl or something like that.

Posted by Thing From Snowy Mountain 2011-06-11 12:33|| 2011-06-11 12:33|| Front Page Top

#6 I seem to recall that the Saudis wanted to increase production to sell to India so India would stop buying from and selling refined crude to Iran - that would be a big thing.

Salt to taste. Heard it a few times

Posted by newc 2011-06-11 15:26|| 2011-06-11 15:26|| Front Page Top

#7 Maybe we should peg the prices of the food and water we send to Arab countries to OPEC oil prices.

Posted by JohnQC 2011-06-11 19:52|| 2011-06-11 19:52|| Front Page Top

23:42 trailing wife
23:38 trailing wife
23:21 swksvolFF
23:19 Thing From Snowy Mountain
23:14 swksvolFF
22:56 Pappy
21:37 trailing wife
20:52 Pappy
20:34 CrazyFool
20:18 Barbara Skolaut
20:15 CrazyFool
20:12 Barbara Skolaut
19:52 JohnQC
19:48 JohnQC
19:46 CrazyFool
19:33 JohnQC
19:15 Charles
19:14 Frank G
19:13 Frank G
19:12 Charles
18:53 Whiskey Mike
18:13 JohnQC
18:13 Thing From Snowy Mountain
18:10 Thing From Snowy Mountain