 | Algeria & Morocco: Natural Gas Cartels, Fertilizer Mercantilism, and Rising Tensions | The Oil Drum | The post-oil energy economies of the future - by Gordon Brown |  |
276 comments on DrumBeat: July 15, 2008
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276 comments on DrumBeat: July 15, 2008
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Hi Ron,
Just wondering is that a normal variance in monthly production figures for the Saudis or are the figures hiding something unusual?
Tremain, yes such variation is pretty well normal for Saudi. I think they are pumping as much as they possibly can so their production figures reflects new oil here and declines there. According to Wikipedia Oil Megaprojects Saudi is supposed to have 908 kb/d of new oil coming on line in 2008. I think that is an exaggeration however no doubt they will bring, and have already brought, some new oil on line this year. Remember most of this new oil will simply replace declines elsewhere.
That is the real story. In fact, that is the story all over the world.
Ron Patterson