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Who thinks the Saudi's will raise oil production?
My feeling is if they could've they would've -- how long can they sustain that level of increased output?
Answers
106 points
chronamyd answered one year ago …
Their oil supply is limited not like most people think.
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2183 points
ChaosNantuko answered one year ago …
I agree. If they could raise it, they would raise it. The only reason they continually say they can but are choosing not to is because they know as soon as they say they can't raise production, there will be a larger scramble for alternative energies which will damage there market.
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3943 points
MNSL answered one year ago …
We have to wait and see whether there are going to increase oil production or not.
Everybody now think about their existence in the future. Most probably they will increase this time. They will raise production by about 500,000 barrels per day.
I think they should increase oil production to prevent collapse of world economy if oil goes to $200 per barrel.They must take some responsibility to control world inflation now.
Pl see following link:
http://www.nydailynews.com/news/us_world/2008/06/14/2008-06-14_saudi_arabi a_may_raise_oil_output_to_hel.html
237 points
josephconlin answered one year ago …
I am not sure that they have the ability to increase production very much. According to WealthDaily.com over the past few years, the Saudi's have been pumping seawater into their wells to generate enough flow pressure to get the oil out, and over 50% of what they are pulling out of the well is the seawater they put in.
If that's true, how would they be able to increase production by any significant amount? I suppose one can question the validity of the reports about seawater making up over 50% of what comes out of the well.
435 points
larryat36 answered one year ago …
I think that they will announce a small increase in production {follow through questionable]. From what I can tell any increase will not be in the light crude that is preferred by the market, because of the higher cost of processing, thus minimizing the true effect on the end user of the product.
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ChuckS answered one year ago …
I heard that they're opening a new oilfield. I'm not sure I believe them. I've heard that their reserves (and all OPEC country's reserves) are much less than stated I also heard that they're very secretive which would go along with that.
I also heard that they're pumping sea water into their wells because they're greedy and want to get more money faster. If this is true, maybe their oilfields aren't as far gone as may be thought. I sound like "rumor central" here.
There's much pressure on OPEC to increase oil production, but we should pressure congress to allow increased production. If there's 100 billion barrels in Alaska, off the coast, in the rocky mountains, and in the Bakken region of North Dakota and Montana, we could perhaps get an extra 10 milion barrels/day, much more than OPEC seems to have available.
2183 points
ChaosNantuko answered one year ago …
In regards to what Chuck said, its true that they're pumping sea water into their wells, but as far as i know, thats part of the natural production cycle. It does indicate that overall pressure levels inside the wells are dropping though, which could indicate decreased production from those wells in the future. In terms of all the OPEC countries reserves being overstated, this is true as well. The reason they overstated them is because OPEC countries operate on a quota system, and the system allows them to pump more oil based on their agreements if they have larger reserves, so they intentionally overstate them. As for production in north America, even if they started production at this point, it would be years before we had any noticeable result.
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