Saudi Arabia to Double its proven reserve

Saw this over at The Oil Drum

Saudi Arabia's oil minister and the president of Exxon Mobil Corp. said world petroleum reserves are enough to last for decades, seeking to ease concern that supplies are peaking and prices will stay near records.

Saudi Arabia, the world's largest oil producer, will ``soon'' almost double its proven reserve base, adding 200 billion barrels to the current estimate of 264 billion, said the nation's oil minister, Ali al-Naimi. Exxon Mobil President Rex Tillerson said the world may still have more than 3 trillion barrels from conventional oil fields, oil sands deposits and other sources.

Source


Pretty mysterious. Will they prove this by allowing independent auditors in? And will the market ignore this or will prices fall (if it's actually proven).

How exactly do they plan on getting more oil? Just drilling more of it? Or finding more?

They've said they know they have more. They still have to drill it.

Yeah and who really believes them anymore?

I am amazed that people actually believe anyone knows what the real reserves are. The Sauds use reserves as a price point. I have no idea why environmentalists and the "peak oil" intellectually challenged proponents, don't understand this. What you are going to see in the future is the Saud's spouting how they have more reserves due to one fact - Iraqi reserve. In order to keep a hold on the American and EU economy, especially Japan, the Saud's need to be the #1 supplier and will do anything to maintain that position. However, oil reserves are as great or better in Iraq. The U.S. finally hedged our economy, but at a terrible price. I believe we will follow through and make Iraq one of the richest nations on the planet, besides prophecy agrees with this suggestion,

Mod Edit: Lighthearted Replacement Of T&C Violations.

[edit on 29/9/2005 by Mirthful Me]

I am amazed that people actually believe anyone knows what the real reserves are. The Sauds use reserves as a price point. I have no idea why environmentalists and the "peak oil" intellectually challenged proponents, don't understand this.

Insulting people isn't a way to get your point across it's just a way to get ignored.

Mod Edit: Lighthearted Replacement Of T&C Violations.

[edit on 29/9/2005 by Mirthful Me]

Originally posted by sardion2000

Insulting people isn't a way to get your point across it's just a way to get ignored.

I didn't insult people. I insulted environmentalists and peak oil morons, who pretend to understand economics. Which are you?

And one more thing, fancy rhetoric is pathetic. If you don't have anything useful to add besides downplayer rhetoric to dissuade my statement then just keep your mouth shut. Fact of the matter is doctorates are pushing "peak oil" THEORIES based off salary and agenda, which are all constructed off ficticious data. Environmentalist's, not having a clue, snag hold of any argument that makes non-renewable resources look even more foul. The problem is these mangy dogs are part of the problem when it comes to trading crude at NYMEX. Foolish peer reviewed dogma from wanna be doctorates make a news page and, walaaa, higher gas prices on a tick.

Who suffers in the wallet? The average Joe like you and me.




[edit on 29-9-2005 by vincere7]