OPEC Oil Export Revenues

TheDude · Posted: Fri Jun 20, 2008 8:23 pm Post subject: OPEC Oil Export Revenues

Gawd. I want to be an oil exporting nation!

OPEC Revenues Fact Sheet
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GoghGoner · Heavy Crude Joined: Apr 10, 2008 Posts: 492

Should be causing quite an increase in consumption for those countries. ELM on steroids!

ROCKMAN · Posted: Sat Jun 21, 2008 1:35 pm Post subject: Re: OPEC Oil Export Revenues

Goph,

Yep...Saudi has been having a baby boom for quit a while. I think the last numbers i saw they were using about 20% of their production internally. An example: 70% of all potable water in Saudi comes from desalinization: an energy intensive effort.

But there's an even more extreme example:

Last year I was involved in drilling several wells off the coast of Equatorial Guinea. Don't feel bad if the country isn't at all familiar to you...it isn't to most. It's a very small island nation off the eastern coast of Nigeria. A population of only 500,000. A Spanish colony until the 80's. Oil wasn't discovered there until the late 90's. Currently ruled by a dictator who took control after killing his uncle, the first dictator after liberation.

I don't have the numbers at hand but I would guess current oil revenue exceeds $80 billion per year. With their small population they are technically one of the richest per capita in the world. Yet 99% of the population lives in extreme poverty. One of the great shortages is protein...odd you might think for an island nation. But the ruler destroyed the local fishing fleet after a failed invasion by mercenaries in 2002 (led by Margaret Thatcher's son). The ruler was concerned that another invasion might use the fleet to infiltrate.

The field I drilled sits right off the island in clear sight of the population. In addition to watching tankers carry off their oil to Europe weekly they also watch the burning of 20 million cubic feet of natural gas per day. This is the associated NG produced with the oil. The operator offered to lay a pipeline and transport the gas to the mainland at its own expense but the dictator rejected the offer. He didn't want to spend the money for a local distribution system.

This is an example of just one little spot on the globe that few know of and even fewer appreciate their contrabution to our endless thirst. How easy would it be for anyone to gain local support by offering a chance to live even a third class existance. I In thinking back to what I saw in EG I'm surprised the revolution has started. But when you consider the penalty for a ciliaan being caught with a weapon is immediate execution without a trial.

Who would condemn the EG people for seizing control of their wealth and utilizing their oil reserves to develop their own economy? Makes the American Revolution fight against "taxation without representation" seem somewhat trivial compared to being starved to death.

MonteQuest · Posted: Sat Jun 21, 2008 2:09 pm Post subject: Re: OPEC Oil Export Revenues

And where are these revenues going to be spent?

Seems high oil prices due to scarcity will feed upon itself.

Billions of dollars of revenues being spent into the world GDP will cause energy consumption to rise everywhere it is spent.

Increased Iraqi oil revenues stemming from high prices and improved security are piling up in the Federal Reserve Bank of New York rather than being spent on needed reconstruction projects, a Washington Times study of Iraq's spending and revenue figures has shown.

MD · Posted: Sat Jun 21, 2008 2:15 pm Post subject: Re: OPEC Oil Export Revenues

GoghGoner · Heavy Crude Joined: Apr 10, 2008 Posts: 492

ROCKMAN · Posted: Sun Jun 22, 2008 7:55 am Post subject: Re: OPEC Oil Export Revenues

I think I missed your point Goph. As odd as it seems given the endless reports of violence in parts of Africa, the continent is one of the least armed places on earth as far as the general masses go. The military/police/bandits/terrorists are armed but the population isn't. Take EG as an example again: the poor outnumber the military probably 5000 to one. But it's hard to go up against M-16's, even in the hands of a few, with sticks. I really am surprised that those in the world who would like to damage us haven't figured out how easy it would be in some spots.

I'd really like to see an independent analysis of what's really going on in Nigeria. Years ago it reallt was just bandits the disruptions. ut I hear bits and pieces that there is some sort of an orgqanized movement.