I will believe the Saudis don't see any upcoming problems with Ghawar when they cancel one of their projects due to low oil prices. If they continue to be full steam ahead with increasing their capacity then I think they are aware that Ghawar may not be as robust in 5 years time as they would like us to believe.
Joined: May 26, 2004 Posts: 1195 Location: Zoorope
Posted: Thu Jul 15, 2004 8:21 am Post subject: Financial Times!
Read on a leading italian newspaper from Financial Times (no link-subscribers only):
- demand 82,5 mbd in 2005, 12 mbd more than in 1995;
- the growth in demand 1995-2005 (10 years) will be the same than in 1973-1995 (22 years)!
- China growth on oil consumes was 40% this year
- Demand is growing more rapidly than production
And last but most important:
Barclays Capital states that OPEC reduced of 4 mbd their extraction capacity last 18 months.
Better go gardening... _________________ **no english mothertongue**
--------
Objects in the rear view mirror
are closer than they appear.
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