I think this is the beginnings of an economy based on perpetual growth and fossil fuel energy running headlong into geological energy constraints. Basically I see an undulatory downward path for the rest of my life. From here out, I think any rallies in our economic condition are going to be met with spiking commodity prices that knock us right back down.
Joined: Mar 04, 2005 Posts: 2730 Location: New Zealand
Posted: Mon May 12, 2008 12:14 am Post subject: Mideast oil resources rise but gas declines
Mideast oil resources rise but gas declines
Quote:
An increase in the crude reserves of Saudi Arabia and two other Gulf states boosted the Middle East's combined oil deposits by nearly 10 billion barrels this year. However, its gas wealth declined, according to international data.
From around 739.2 billion barrels at the start of 2007, the proven oil resources of the Middle East swelled to a record 748.2 billion barrels at the beginning of 2008, showed the figures by the Oil and Gas journal, Pennwell Corporation and the Energy Information Administration of the US Department of Energy. The increase was mainly due to a growth in the crude wealth of Saudi Arabia, Kuwait and Iran, while the UAE's proven oil reserves remained unchanged.
Saudi Arabia's recoverable oil deposits increased from around 262.3 billion barrels at the start of 2007 to 266.7 billion barrels at the start of 2008, maintaining its position as the world's oil superpower, which controls nearly a quarter of the total global proven crude reserves.
business24-7 _________________ Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
Joined: Mar 04, 2005 Posts: 2730 Location: New Zealand
Posted: Mon May 12, 2008 6:59 am Post subject: Re: Mideast oil resources rise but gas declines
EIA _________________ Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
Joined: Feb 27, 2008 Posts: 57 Location: Washington State (US)
Posted: Thu May 15, 2008 1:47 am Post subject: Re: Mideast oil resources rise but gas declines
But where does the EIA get SA's reserve numbers?
I followed several links down from the EIA link above to get to this:
Quote:
Although EIA has mandatory data collection authority for collecting energy information within the United States, it has no authority to require reporting of data from foreign countries. Data for the International Energy Annual must be researched and collected from the most authoritative available sources outside EIA. Because EIA does not have access to the statistical surveys of other countries, it is not able to develop error estimates or revision errors such as might be developed in EIA's domestic surveys.
EIA attempts to identify and collect the best data available for foreign countries. The most authoritative sources are usually the official national statistical reports of a country. However, data from official sources are not always available. Therefore, EIA also uses data from reputable secondary sources such as the the Asia-Pacific Economic Cooperation forum, the International Energy Agency, the Latin American Energy Organization, the United Nations, and others. In addition, EIA uses industry reports, academic studies, trade publications, and other sources. Typically these sources are less timely and complete than mandatory survey data for the United States collected by EIA. As a result, it usually takes EIA about two years to prepare complete energy information for all foreign countries.
Many factors beyond EIA's control affect the reliability and integrity of foreign country data. These include a country's level of economic development, commitment to statistical programs, openness with information, and other considerations.
Joined: Mar 04, 2005 Posts: 2730 Location: New Zealand
Posted: Thu May 15, 2008 3:28 am Post subject: Re: Mideast oil resources rise but gas declines
max_in_wa, I hope you realise that the reserve estimates of Saudi Arabia, and Ghawar in particlar, are highly controversial. It's basically what this web site is about. Just do a search on title only in this site, and do a search in the OilDrum, Energy Bulletin and Google, and you'll see what I mean. _________________ Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
Posted: Thu May 15, 2008 1:04 pm Post subject: Re: Mideast oil resources rise but gas declines
UE source?
Please.
This is pure bullflop. _________________ "When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours." - Stephen F Roberts.
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