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Giant Saudi field is key to boosting oil output

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posted on Jun, 29 2008 @ 11:08 PM
Could this be the answer to many prayers?

KHURAIS OIL FIELD, Saudi Arabia - This massive oil field surrounded by the desolate sands of Saudi Arabia's vast eastern desert feels like the middle of nowhere.

But what happens over the next year at Khurais, one of Saudi Arabia's last undeveloped giant oil fields, could hold the key to what drivers will pay at the pump for years to come.

Under way at Khurais and two other smaller fields nearby is what Saudi Arabia calls the single largest expansion of oil production capacity in history.

Price is 142 dollars a barrel, last friday, world record, last week there were news of prices rising to 300 dollars if military action is taken against Iran, could this be part of a temporary solution to the soaring prices?.

posted on Jun, 30 2008 @ 02:17 AM
Well, if definatly temporary. Oil is there, a lot of it but not enough to really lower prices over a long time. But i can see prices dropping a tiny bit when hardcore drilling begins. A part that i saw which i think is important is...

falling dollar are to blame for high oil prices, not a shortage of supply.

and another...

The Saudis estimate Khurais and the nearby smaller Abu Jifan and Mazalij fields hold a total of 27 billion barrels of oil encased in solid rock 5,000 feet below the baking desert.

Saudi Arabia is no stranger to developing giant oil fields. Its massive Ghawar field, with an estimated 70 billion barrels of remaining reserves, is the world's largest.

I must say that i like a quote on the site, If Saudi Arabia get attacked they may use oil as a weapon; who wouldn't
With that much oil tied up there i can see one of to things happening, one - Iran becomes a strong/average country like ... France; or Iran is about to get kicked left and right by the US for this oil.

Probably the lata. - Fox


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