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Top Saudi Says Kingdom Has Plenty of Oil (moved from ATSNN)

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posted on Jun, 9 2005 @ 10:40 AM
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Saudi Arabia's top foreign policy adviser states that Saudi Arabia has enough oil for quite a long time, stating that Saudi Arabia has more oil than the world is likely to need. Additionally, it is also stated that Saudi Arabia would like to see more stability in oil pricing so that consumers will not adjust their energy demands, which may result in a drop in oil purchase from Saudi Arabia.
 



apnews.myway.com
Saudi Arabia has plenty of oil - more than the world is likely to need - along with an increasing ability to refine crude oil into gasoline and other products before selling it overseas, a top Saudi official says.

"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."



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With all the recent publicity about peak oil and the fact that oil reserves will run out in the non-to distant future, as can be seen with Bush pushig for drilling in Alaska and high gas prices, I found this article rather interesting. To one side, it could be viewed as 'damge management'; after all there has been quite a lot of information lately indicating that Saudi Arabia's oil reserves is declining. But if it is true that Saudi Arabia has so much oil, I wonder why oil prices are so high and why there is so much concern over falling oil reserves.




posted on Jun, 9 2005 @ 10:57 AM
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Notice that everytime it's stated that Saudi Arabia has more oil than the world needs, there is lacking a compare and contrast. Saudi has oil for the world for how long? I've seen estimates stating that by 2050, we'll have exhauseted oil supply(example), so does that mean that Saudi Arabia has more than enough oil to last the world through 2042?

Everything's finite, the press release is definetely damage control of sorts.



 
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