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| Is Saudi Arabia going to announce declining production June 22nd? |
| Yes, they're coming clean! |
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| They're going to half tell it and beat around George Bush |
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| They're going to say they don't know what's up. |
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| Aramco is going to tell a bald faced lie - Ghawar's fine - it's the speculators!!! |
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| Total Votes : 18 |
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alecifel
Heavy Crude
Joined: Feb 02, 2006
Posts: 170
Location: Luther, OK
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 Posted: Wed Jun 11, 2008 7:04 pm Post subject: Are they coming clean? (Saudi Arabia summons VIP's) |
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They've summoned the who's who to Riyahd. Is this the announcement we've been waiting for? Looking for your views.
NJA
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Nick J. Allen
Hilton, Oklahoma
"The Chinese have many hells. This one is the hell of valueless currency." -- J. Albertson |
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americandream
Fission
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Joined: Oct 18, 2004
Posts: 2097
Location: kiwibush
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| Posted: Wed Jun 11, 2008 7:15 pm Post subject: Re: Are they coming clean? (Saudi Arabia summons VIP's) |
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Are these the consuming VIP's or OPEC bigwigs? If the former, it's possibly to break bad news, if the latter, possibly a cartel conflab. If both, possibly a combination. As things stand, we are in for a swift slide in mayhem as it should be evident to most astute observers that the world is in a crisis it will not be able to manage.
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Bugger me, I hear oil's runnin out mate! |
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wisconsin_cur
Moderator
Joined: May 10, 2007
Posts: 3211
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| Posted: Wed Jun 11, 2008 7:18 pm Post subject: Re: Are they coming clean? (Saudi Arabia summons VIP's) |
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Is there a link to a news story you could give us? Any more details? Any hints that they are going to announce something about depletion and not the opening of an Islam friendly Disney in Mecca?
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“It does not do to leave a live dragon out of your calculations, if you live near him.”
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alecifel
Heavy Crude
Joined: Feb 02, 2006
Posts: 170
Location: Luther, OK
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| Posted: Wed Jun 11, 2008 7:41 pm Post subject: Re: Are they coming clean? (Saudi Arabia summons VIP's) |
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Story Link
Saudi Summons
Sorry about that! This story was on the front page of PO.com yesterday, naturally I assumed all had read it... 'cause I'm a self centered dork haha.
| Quote: | | RIYADH (Reuters) - Saudi Arabia, the top world oil exporter, wants heads of state to attend a June 22 meeting it is hosting of producers and consumers to discuss record oil prices, diplomats said on Wednesday. |
I'm thinking they're not going to come clean on their reserves but may send a hint that they can't raise their production. They may give the West a blunt lecture about the importance of conservation.
NJA
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Nick J. Allen
Hilton, Oklahoma
"The Chinese have many hells. This one is the hell of valueless currency." -- J. Albertson |
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Peepers
Heavy Crude
Joined: Jan 01, 2005
Posts: 216
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| Posted: Wed Jun 11, 2008 8:16 pm Post subject: Re: Are they coming clean? (Saudi Arabia summons VIP's) |
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| Announce their oil fields are in depletion? Why would they announce something that would undermine the strength of the House of Saud, which is their oil supplies, and could potentially spur a popular uprising in their own country? I doubt they're suicidal. |
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alecifel
Heavy Crude
Joined: Feb 02, 2006
Posts: 170
Location: Luther, OK
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| Posted: Wed Jun 11, 2008 8:30 pm Post subject: Re: Are they coming clean? (Saudi Arabia summons VIP's) |
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Why, indeed Peepers.
I tend to agree with that very logical assessment, as most would. But the Sauds now are in a predicament.
If they don't announce they're in depletion, then the world has to assume there's some other reason for the choke on production, and we've already heard it from HoHo and Bozo running for President, and certain members of congress.. "The Saudis are trying to manipulate the market and rake in profits". That in the eyes of many Westerners make the Sauds a target for an "assisted regime change".
So they're between Iraq and a hard place. It may be safer for them to acknowledge they're in trouble so they don't get accused.
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Nick J. Allen
Hilton, Oklahoma
"The Chinese have many hells. This one is the hell of valueless currency." -- J. Albertson |
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HEADER_RACK
Intermediate Crude
Joined: Feb 15, 2007
Posts: 540
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| Posted: Wed Jun 11, 2008 8:39 pm Post subject: Re: Are they coming clean? (Saudi Arabia summons VIP's) |
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They can't come clean (at least publicly they can't)
Imagine Saudi saying "This is it we can't produce any more, we are fightng to keep this rate, we will be in decline soon"
Oil would be $400 dollars a barrel within 2 hrs. Creating an oernight global economic collapse.
The only thing they can do is continue what they have been doing.
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Nothing is more dangerous than a man with nothing left to lose but has everything left to gain. |
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mos6507
Fusion
Joined: Aug 03, 2007
Posts: 4376
Location: Boston Suburbs
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| Posted: Thu Jun 12, 2008 2:31 am Post subject: Re: Are they coming clean? (Saudi Arabia summons VIP's) |
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| HEADER_RACK wrote: |
The only thing they can do is continue what they have been doing. |
Which is a stalling tactic that doesn't have much of a shelf life left. |
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Twilight
Expert
Joined: Mar 02, 2007
Posts: 3076
Location: UK
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| Posted: Thu Jun 12, 2008 1:29 pm Post subject: Re: Are they coming clean? (Saudi Arabia summons VIP's) |
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| mos6507 wrote: | | HEADER_RACK wrote: |
The only thing they can do is continue what they have been doing. |
Which is a stalling tactic that doesn't have much of a shelf life left. |
They can declare their reserves when they are ready to speak, or they can declare their reserves when the people of the world are ready to ask. That is what it comes down to in the end.
I doubt this is the time though. This is probably a follow-up to all those calls at the G8, etc for energy importers and exporters to cooperate. The agenda will probably leave the floor open. Just a talking shop they can use as evidence they are doing what they can.
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Volatility. When life isn't exciting enough. |
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