Joined: Apr 12, 2007 Posts: 1162 Location: Central NC
Posted: Tue Jul 01, 2008 7:43 am Post subject: Re: Crude up $1.34 in Elec. Trading . . .
OilFinder2 wrote:
DantesPeak wrote:
So what, they've been talking about 11 million capacity for some time - but not actual production.
Show me the prior quote where they say they will keep output sustained for a long long time at 11 million.
Oh, so you expect the markets to analyze every single nuance of the statements of chief of OPEC?
But since you asked, I can show you a quote from 2004 from the chief reservoir manager of Saudi Aramco where he says the Saudis can sustain 12 million bpd for 50 years.
Care to see it? Or is that not "prior" enough?
Here is a nuance for you to chew on:
"The IEA said it believed Saudi Arabia was having bigger problems than the kingdom, the world’s largest exporter, was willing to admit to, despite its national oil company having gone to great lengths last month to reassure energy ministers gathered in Jeddah that, except for Khursaniyah, its capacity editions were running on schedule."
from here: http://www.peakoil.com/post707729.html#707729 _________________ "The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place we are entering a period of consequences…"
Sir Winston Churchill
Joined: Mar 26, 2008 Posts: 1032 Location: Seattle
Posted: Tue Jul 01, 2008 7:11 pm Post subject: Re: Crude up $1.34 in Elec. Trading . . .
DantesPeak wrote:
Your confusing sustained production with capacity.
No I'm not. In the article I'm referring to, the Saudi chief of reservoir operations specifically talks about production, not just capacity. Here is what he said:
Quote:
Finally, the third one that we just discussed. Sustained production levels of 10, 12, and 15 million barrels per day well beyond 2054 are very achievable. We do not see a major challenge associated with them. Of course it would require the appropriate resource commitments, exploration efforts, EOR and technology applications. We believe all of those things are there.
Still care to see the link? _________________ Abundance - what a concept!
Joined: Oct 23, 2004 Posts: 5504 Location: New Jersey
Posted: Tue Jul 01, 2008 8:59 pm Post subject: Re: Crude up $1.34 in Elec. Trading . . .
OilFinder2 wrote:
DantesPeak wrote:
OilFinder2 wrote:
Down 21 cents today at the close. No excitement yet!
Considering the Saudis came out today and said they could produce more than 1 million barrels extra right now and meet any supply shortage, a 21 cents drop is pathetic.
All the Saudis did today was reiterate what they've already been saying for the past couple weeks. It wasn't even "news."
I'm still waiting for you to post the link from a few weeks ago that says exactly the same thing: that they will hold production at 11 million for a long long time.
So far you've only come up with some lame unrelated article from 2004. _________________ It's already over, now it's just a matter of adjusting.
Joined: Mar 26, 2008 Posts: 1032 Location: Seattle
Posted: Tue Jul 01, 2008 9:21 pm Post subject: Re: Crude up $1.34 in Elec. Trading . . .
DantesPeak wrote:
I'm still waiting for you to post the link from a few weeks ago that says exactly the same thing: that they will hold production at 11 million for a long long time.
So far you've only come up with some lame unrelated article from 2004.
I don't need to post an article from "just" a few weeks ago when I have proof the Saudis have been saying they can sustain production of (at least) 11 million barrels per day since 2004 (or earlier, for all I know).
You said:
DantesPeak wrote:
Show me the prior quote where they say they will keep output sustained for a long long time at 11 million.
The first one is the current company plan which is to maintain its capacity at 10 million barrels a day. What we see is that we can comfortably meet a 50 year plateau very very comfortably, and all we would need on top of the 260 billion barrels of proved reserves we have is 15 billion barrels additional which corresponds roughly to 15 percent of probable and possible reserves.
[...]
Now let us elevate the bar. Where do we go with it?
We thought just as a matter of evaluation, 12 million would be a good number. Here is 12 million. Again, it's just a scenario. If we ramp up by year 2014 to a production of 12 million, again, we believe we can sustain it very comfortably for 50 years and beyond.
[...]
Finally, the third one that we just discussed. Sustained production levels of 10, 12, and 15 million barrels per day well beyond 2054 are very achievable. We do not see a major challenge associated with them. Of course it would require the appropriate resource commitments, exploration efforts, EOR and technology applications. We believe all of those things are there.
Which is essentially the same thing as your own quote you asked me to provide a "prior" example of:
Quote:
"We can, we know it. We can pump 11 million (barrels a day) sustainably for a long, long time," Ali Naimi told reporters when arriving here for the 19th World Petroleum Congress, the largest gathering of the oil sector in every three years.
"We will provide our customers with whatever they need," he added.
So, as I said before, your quote by Ali Naimi was not news. The Saudis have been saying they can produce sustained volumes around or over 11 million bpd for at least 4 years. I've just provided the proof of this "prior" claim above. _________________ Abundance - what a concept!
Joined: Mar 26, 2008 Posts: 1032 Location: Seattle
Posted: Tue Jul 01, 2008 9:25 pm Post subject: Re: Crude up $1.34 in Elec. Trading . . .
^
DantesPeak wrote:
Wrong again.
They hadn't said this before this way:
Quote:
"We can, we know it. We can pump 11 million (barrels a day) sustainably for a long, long time," Ali Naimi told reporters when arriving here for the 19th World Petroleum Congress, the largest gathering of the oil sector in every three years.
"We will provide our customers with whatever they need," he added.
If you can show where this was said before recently then please do.
So, I have just showed you were this was said before - "before" going all the way back to 2004. _________________ Abundance - what a concept!
Joined: Apr 12, 2007 Posts: 1162 Location: Central NC
Posted: Tue Jul 01, 2008 9:27 pm Post subject: Re: Crude up $1.34 in Elec. Trading . . .
Just a rumor, no link, but I heard Dr. Saleri is working on a college textbook entitled "Fuzzy Physics, Geology and Middle East Sovereign Wealth Funds".
_________________ "The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place we are entering a period of consequences…"
Sir Winston Churchill
Joined: Mar 26, 2008 Posts: 1032 Location: Seattle
Posted: Tue Jul 01, 2008 9:33 pm Post subject: Re: Crude up $1.34 in Elec. Trading . . .
You're right Homesteader, anytime anyone says they've got lots of oil, they're either lying, incompetent, frauds, or all of the above. It just cannot be true that someone - even the Saudis - really do have lots of oil. Liars they all are!
Joined: Oct 23, 2004 Posts: 5504 Location: New Jersey
Posted: Tue Jul 01, 2008 9:37 pm Post subject: Re: Crude up $1.34 in Elec. Trading . . .
Funny, I didn't know Ali Naimi and Saleri were the same person, and what they - or I mean he - said four years ago was exactly the same thing he said a few weeks somewhere, if you only knew where he said that you would be able to tell us. _________________ It's already over, now it's just a matter of adjusting.
Joined: Apr 12, 2007 Posts: 1162 Location: Central NC
Posted: Tue Jul 01, 2008 9:49 pm Post subject: Re: Crude up $1.34 in Elec. Trading . . .
So you believe with out question that the stated reserves of SA are 100% take it to the bank spot on accurate then, eh OF2? _________________ "The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place we are entering a period of consequences…"
Sir Winston Churchill
Joined: Mar 26, 2008 Posts: 1032 Location: Seattle
Posted: Tue Jul 01, 2008 9:58 pm Post subject: Re: Crude up $1.34 in Elec. Trading . . .
DantesPeak wrote:
OilFinder2 wrote:
DantesPeak wrote:
OilFinder2 wrote:
Down 21 cents today at the close. No excitement yet!
Considering the Saudis came out today and said they could produce more than 1 million barrels extra right now and meet any supply shortage, a 21 cents drop is pathetic.
All the Saudis did today was reiterate what they've already been saying for the past couple weeks. It wasn't even "news."
Wrong again.
They hadn't said this before this way:
Quote:
"We can, we know it. We can pump 11 million (barrels a day) sustainably for a long, long time," Ali Naimi told reporters when arriving here for the 19th World Petroleum Congress, the largest gathering of the oil sector in every three years.
"We will provide our customers with whatever they need," he added.
If you can show where this was said before recently then please do.
^
Above is the actual quote Dante asked me to provide proof that the Saudis have said they can pump oil sustainably at 11 million bpd for a long time. Notice he did not ask me for a specific quote by Ali Naimi, he merely asked me "where this was said before." Now that I've show him "where this was said before" - as far back as 4 years ago! - he has to accuse me of not providing a quote by Ali Naimi . . . which, of course, was nowhere in his original request.
DantesPeak wrote:
Funny, I didn't know Ali Naimi and Saleri were the same person, and what they - or I mean he - said four years ago was exactly the same thing he said a few weeks somewhere, if you only knew where he said that you would be able to tell us.
Joined: Mar 26, 2008 Posts: 1032 Location: Seattle
Posted: Tue Jul 01, 2008 10:00 pm Post subject: Re: Crude up $1.34 in Elec. Trading . . .
Homesteader wrote:
So you believe with out question that the stated reserves of SA are 100% take it to the bank spot on accurate then, eh OF2?
So you believe with out question that the stated reserves of SA are 100% take it to the bank spot on inaccurate then, eh Homesteader? _________________ Abundance - what a concept!
Joined: Apr 12, 2007 Posts: 1162 Location: Central NC
Posted: Tue Jul 01, 2008 10:01 pm Post subject: Re: Crude up $1.34 in Elec. Trading . . .
Homesteader wrote:
So you believe with out question that the stated reserves of SA are 100% take it to the bank spot on accurate then, eh OF2?
tapping fingers. . . .waiting for reply. _________________ "The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place we are entering a period of consequences…"
Sir Winston Churchill
Joined: Mar 26, 2008 Posts: 1032 Location: Seattle
Posted: Tue Jul 01, 2008 10:08 pm Post subject: Re: Crude up $1.34 in Elec. Trading . . .
Homesteader wrote:
Homesteader wrote:
So you believe with out question that the stated reserves of SA are 100% take it to the bank spot on accurate then, eh OF2?
tapping fingers. . . .waiting for reply.
I have 100% confidence their stated reserves are more accurate than the speculations peak oilers assign to their reserves. _________________ Abundance - what a concept!
Joined: Apr 12, 2007 Posts: 1162 Location: Central NC
Posted: Tue Jul 01, 2008 10:18 pm Post subject: Re: Crude up $1.34 in Elec. Trading . . .
Ah heck, this isn't even fun anymore. I'm going to bed. Night all. _________________ "The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place we are entering a period of consequences…"
Sir Winston Churchill
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