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The Saudis' approaching twilight
By Kéllia Ramares
Online Journal Associate Editor
Matthew R. Simmons is the founder and CEO of Simmons & Co., International, a Houston-based investment bank for the energy industry. Although Simmons is not himself a petroleum geologist or petroleum engineer, he has learned much about how and where oil and natural gas are produced in his more than 35 years of involvement with the industry as a financial advisor.
Simmons has built up a great store of knowledge about Saudi Arabia, the "swing producer" that oil-consuming nations, such as the United States, have depended on for decades to make sure there is enough supply on world markets. Despite tight supplies and high prices, and recent attention to Peak Oil, about which Simmons has been warning for years, the Saudis insist that they can maintain and even expand their current level of oil production for decades to come. In fact, on the morning of September 28, 2004, just hours before I interviewed Simmons, the Saudis announced that they would increase oil production capacity. In debates, in articles, and now in his book, Twilight in the Desert, Simmons is challenging the Saudi assertion that the kingdom can keep ratcheting up production to meet the needs of ever oil-thirstier world markets.
Originally posted by StellarX
This thread should answer at least some of your questions and if it does not please let me know so i can cleared up.
The doubt that is driving up prices is also killing people all around the world.
Originally posted by Thatoneguy
However back in early summer 2005 they stated they would not be able to meet demand in 10 or 15 years. But even today they say no need to worry.... I guess it all depends on who you talk to.
SA: OPEC wont meet demand in 10 to 15 years
U.S. light crude for July delivery reached as high as $132.08 a barrel, and was up $2.75 to $131.73 a barrel on the New York Mercantile Exchange at 11:04 a.m. ET. Prior to the 10:30 a.m. ET, oil was down 29 cents to $128.69.
The market is really looking for light sweet crude and there isn't really a huge demand for what Saudi Arabia has to offer,'' said Gerard Burg, an energy and minerals economist at National Australia Bank Ltd. in Melbourne. ``Oil is primarily used as a transport fuel these days and the heavier grades that yield less transport fuels are less desired.''