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Saudi Arabia's total liquids production in 2005 was 11.1 mbpd (EIA). I estimate that if we they wanted--and more importantly, were able--in 2008 to match their 2005 net export level, they would have to produce an average of about 11.7 mbpd in 2008.
Or, you can put it this way. If they maintained about 11 mbpd forever, with no decline, and if they maintained their 2006 rate of increase in consumption, they would cease exporting oil around 2036.
Because of a rapid increase in consumption, the US hit zero net oil exports more than 20 years before our production peaked.
the US hit zero net oil exports more than 20 years before our production peaked
See Interstate Highways, the creation of modern Suburbia, the universal destruction of our downtowns and inner cities, etc.
Best Hopes for A Reversal,
Alan
By the way, while russian output felt 0.7 percent, the inner consumption grew 5.7 per sent, following strong economy growth and car''s increase. It means that export felt at least 6.4 persent.
No it doesn't.
The 0.7% is a percent of a different quantity than the 5.7%.
You can't just add 'em up.
If we say the US imports 13 million barrels/day at $130/barrel then there is roughly $1.7 billion leaving the country every day or 12 billion/week going to the oil exporters from the US alone or maybe twice that worldwide. It seems clear they do not want to recycle all this into bonds and looking at the huge amounts of building works going on in the ME energy use there will only continue to increase so reducing exports so increasing prices...