The Biggest Saudi Oil Field Is Fading Faster Than Anyone Guessed
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Re: The Biggest Saudi Oil Field Is Fading Faster Than Anyone Guessed
#2Good. The quicker it fades, the quicker the US can stop supporting this brutal, vile regime and its disgusting human rights practices and culture. Also, the more pressure there will be to switch to a non fossile fuel energy source. It can't happen quickly enough.
Re: The Biggest Saudi Oil Field Is Fading Faster Than Anyone Guessed
#3Less CO2 released into the atmosphere I guess?
I always wonder about news like this. Is it wrong to assume that the company knew about this years ago already and made the rational decision not to tell everyone until the last minute? And how long have they known?
Re: The Biggest Saudi Oil Field Is Fading Faster Than Anyone Guessed
#4Interesting to consider the politics of this.
On the one hand Saudi Arabia and others want to give the illusion of the wealth lasting for ever.
On the other hand, lower reserves would lead to higher prices, which is something they'd want to maximise.
Re: The Biggest Saudi Oil Field Is Fading Faster Than Anyone Guessed
#5Good. The quicker it fades, the quicker the US can stop supporting this brutal, vile regime and its disgusting human rights practices and culture. Also, the more pressure there will be to switch to a non fossile fuel energy source. It can't happen quickly enough.
The US was a net exporter of crude oil as recently as December, 2018. Indeed, only an idiosyncrasy of the law, reversed in 2015, prevented the comparably colossal, richest country in the world from being a net exporter until very recently.
Re: The Biggest Saudi Oil Field Is Fading Faster Than Anyone Guessed
#6so when the Saudi start realising their spigot of unlimited money is starting to run out, i wonder how they'll behave.
My bet is, invasion forces. I can hope though that they'll push for space industry
Re: The Biggest Saudi Oil Field Is Fading Faster Than Anyone Guessed
#7Good. The quicker it fades, the quicker the US can stop supporting this brutal, vile regime and its disgusting human rights practices and culture. Also, the more pressure there will be to switch to a non fossile fuel energy source. It can't happen quickly enough.
What is the value of having principles, or in this case _supporting a brutal, vile regime and its disgusting human rights practices and culture_ if there is a clear upper limit to them?
Re: The Biggest Saudi Oil Field Is Fading Faster Than Anyone Guessed
#8so when the Saudi start realising their spigot of unlimited money is starting to run out, i wonder how they'll behave. My bet is, invasion forces. I can hope though that they'll push for space industry
See: Yemen
Re: The Biggest Saudi Oil Field Is Fading Faster Than Anyone Guessed
#9So 52 years worth of reserves assuming maximum capacity of 12mm barrels harvested a day. Now I am no mathematician but given a 1-2mm per day average and what will likely become a declining demand for oil over next 20-30 years, they have half a millennia worth of oil lying around. This well seems like a non issue to me.
Re: The Biggest Saudi Oil Field Is Fading Faster Than Anyone Guessed
#10I don't get it.
The article states that the Ghawar is "the world’s largest conventional oil field", and "can produce a lot less than almost anyone believed", and is in fact "able to pump a maximum of 3.8 million barrels a day -- well below the more than 5 million that had become conventional wisdom in the market"
The saudi "12 million b/d capacity" was known from before, I assume, so isn't the surprise that other fields make up a larger percentage than "guessed"?
Then how can it be "fading faster than almost anyone believed"?
And, isn't slower fading of their biggest reserve a good thing?