As of this past April, Saudi Arabia apparently
hadn't yet received the latest memos on 'Peak.'[oil]
Much to the consternation of Ruppert and his
handlers, Saudi officials announced on April 28
that the Kingdom's estimate of recoverable
reserves had nearly quintupled! (The article
below says "tripled," but the math isn't that
hard to do.)
Saudi Oil Is Secure and Plentiful, Say Officials
Tim Kennedy, Arab News [link]
WASHINGTON, 29 April 2004 — Officials from
Saudi Arabia’s oil industry and the international
petroleum organizations shocked a gathering of
foreign policy experts in Washington yesterday
with an announcement that the Kingdom’s previous
estimate of 261 billion barrels of recoverable
petroleum has now more than tripled, to 1.2
Additionally, Saudi Arabia’s key oil and
finance ministers assured the audience — which
included US Federal Reserve Chairman Alan
Greenspan — that the Kingdom has the capability
to quickly double its oil output and sustain such
a production surge for as long as 50 years.
"Saudi Arabia now has 1.2 trillion barrels
of estimated reserve. This estimate is very
conservative. Our analysis gives us reason to be
very optimistic. We are continuing to discover
new resources, and we are using new technologies
to extract even more oil from existing reserves,"
the minister said.
Naimi said Saudi Arabia is committed to
sustaining the average price of $25 per barrel
set by the Organization of the Petroleum
Exporting Countries. He said prices should never
increase to more than $28 or drop under $22.
"Saudi Arabia’s vast oil reserves are
certainly there," Naimi added. "None of these
reserves requires advanced recovery techniques.
We have more than sufficient reserves to increase
output. If required, we can increase output from
10.5 million barrels a day to 12 - 15 million
barrels a day. And we can sustain this increased
output for 50 years or more. There will be no
shortage of oil for the next 50 years. Perhaps
Note that the oil reserves claimed by Saudi
Arabia alone (1.2 trillion barrels) exceed what
the Peakers claim are the total recoverable oil
reserves for the entire planet. Let's pause here
for a minute and think about the significance of
that: one tiny patch of land, accounting for less
than than 1/2 of 1% of the earth's total surface
area, potentially contains more oil that the
'Peak' pitchmen claim the entire planet has to
offer! Is there not something clearly wrong with
Somebody is quite full of shit.
Either it's the Peak oil
dudes or this guy.
I'm betting it's Peak oil.
Make up your own mind.
You might have noticed oil is up around $50/barrel.
Then what do the Saudis mean when they can keep it
in the $22-$28 range? Why aren't they doing it?
Could it be the declining value of the dollar?
There's more to it...the sinking dollar that is,
among other unknowns.
Before you start spouting 'what everybody knows'
here, nobody knows squat...not you, not I, and
none of the 'exspurts' [sic], because this is the
age where we're supposed to wake up to the idea
that damn near everything we've taken for The
Gospel is wrong.
Ya suppose we'll make it in time?Maybe
but there are a planet full of
Now you're going to want to look at the possible new
Thanks to simmeringfrogs