<COAL - The RoundupThe Oil DrumIEA boss denies and confirms peak oil in same breath>
<DrumBeat: July 11, 2007DrumBeatDrumBeat: July 13, 2007>

108 comments on DrumBeat: July 12, 2007

Comments can no longer be added to this story.

HeIsSoFly on July 12, 2007 - 9:08am Permalink | Subthread | Parent | Comments top

Jeffrey,

Maybe the Kuwaitis would like to come clean, or at least some of them. After all, they have diversified their investments much more than for instance KSA.

But if they do admit to bungled reserve numbers, there'll be a media and industry frenzy clamoring for the rest of OPEC, too, to explain why their numbers shot up so much in the 80's, and to explain and prove the numbers.

It doesn't seem like there's much reason to doubt that last year's leaked report was real, but the consequences of admitting all this are stupendous, and dangerous for many in power in the region. What would happen internally in some of the countires is impossible to foresee, but it likely won't be a celebration of national unity.

The Saudis must be following this very closely, and be involved too. Somehow they've managed to hush the fall-out for about a whole year by now. While the Kuwaiti parliament has been discussing it behind closed doors. For a year?! The veracity of the report was established within a week, I bet.

Deserts are full of rocks and hard places.

In Jerome's new piece on a Claude Mandil (IEA) interview with Le Monde, Mandil accuses OPEC of, well, lying...

IEA boss denies and confirms peak oil in same breath

Q: "OPEC refuses to produce more, saying that the market is well supplied. Are they responsible?
A: "OPEC knows the facts: the markets are not sufficiently supplied".

They've had enough excitement for one week, I think. The walls are crumbling, and power may be more of an issue than money at this point.

0
Comments can no longer be added to this story.
westexas on July 12, 2007 - 11:10am Permalink | Subthread | Parent | Comments top

Kuwait's consumption increased by 17% from 2005 to 2006, and in 2006, their consumption was 20% of production.

I applied my "what if" 5%/5% model: 5% decline rate in production and 5% rate of increase in consumption. Kuwait's exports would be down by 60% in 10 years.

0
Comments can no longer be added to this story.
PartyGuy on July 12, 2007 - 2:17pm Permalink | Subthread | Parent | Comments top

What if Kuwait and most other OPEC countries implement rationing just like Iran?

0
Comments can no longer be added to this story.
alan on July 12, 2007 - 10:35pm Permalink | Subthread | Parent | Comments top

Kuwait's consumption increased by 17% from 2005 to 2006

Them ungrateful bastards, who do they think they are using our oil after we liberated them.

0
Comments can no longer be added to this story.
souperman2 on July 12, 2007 - 11:24am Permalink | Subthread | Parent | Comments top

I agree, Power trumps money issues at present.

Yesterday the dollar jumped from descending 80.4 to a whooping 111.45 in a few min. Then back down to mid 80's.

I still can not find out what happened.

Just a glitch?

Sending a message?

Anywhoooo, I think the political situation is tougher to make disappear.

I know I need to get a tinfoil fedora. Will aluminum foil work?

Brillo pads spun and crocheted into a toque?

0
Comments can no longer be added to this story.
Gunga2006 on July 12, 2007 - 11:37am Permalink | Subthread | Parent | Comments top

I had a WTF moment yesterday as I checked the US$ index also. I also got all tinfoil hattish too.

0
Comments can no longer be added to this story.
Donal on July 12, 2007 - 11:59am Permalink | Subthread | Parent | Comments top

I'd guess that someone influential was able to sell their dollars when they were high.

0
Comments can no longer be added to this story.