[TheAntiDoomer]

http://www.ft.com/cms/s/0/2c0c686e-507a ... z2l1YldK1P

Crude oil exports from Saudi Arabia hit a near eight-year high in September in a sign that record breaking production from Opec’s de facto leader is feeding into the market in spite of fast-growing domestic consumption

[basil_hayden]

Flooding the market to lower the price to squash the frackers?

[dolanbaker]

I thought that the Saudi's were migrating their power generation from oil to gas so that they could export more oil and use the gas instead of just flaring it off.

[rollin]

By saying that they need to free up oil by burning natural gas they are admitting to being at their production limits. Guess what happens next.

[ROCKMAN]

"Flooding the market...". The KSA flooded the market in 1986 and oil fell to about $10/bbl. And oil prices have hovered between $80/bbl and $118/bbl since late 2009. And in the last year the low was $98/bbl and the high $118/bbl.

One heck of a flood. Better put my hip waders on. LOL.

BTW in the last 10 years Canada has increased their oil export to the US by 1.6 million bbls/day. In the last 5 years the US has increased oil production by 3 million bbls/day. Exactly who is flooding the market?

[John_A]

By saying that they need to free up oil by burning natural gas they are admitting to being at their production limits. Guess what happens next.

ANOTHER nose dive in the desert? Which isn't?

http://www.theoildrum.com/node/2331

[John_A]

"Flooding the market...". The KSA flooded the market in 1986 and oil fell to about $10/bbl. And oil prices have hovered between $80/bbl and $118/bbl since late 2009. And in the last year the low was $98/bbl and the high $118/bbl.

One heck of a flood. Better put my hip waders on. LOL.

BTW in the last 10 years Canada has increased their oil export to the US by 1.6 million bbls/day. In the last 5 years the US has increased oil production by 3 million bbls/day. Exactly who is flooding the market?

You and your buddies Rock. Keep up the good work.

[rollin]

In the meantime Venezuela exports fell 12.8% to 1.38 million bpd, UAE exports fell 2.5% to 2.58 million bpd. Nigeria exports fell 0.3% to 2.14 million bpd. Kuwait exports fell 6% to 2.08 million bpd. Iraq exports fell 20% to 2.07 million bpd. Angola exports fell 8.4% to 1.53 million bpd. All in September.

[Keith_McClary]

Crude oil exports from Saudi Arabia hit a near eight-year high in September ...

So, that would be an annual growth rate over 8 years of ... near ... zero %.

[Tanada]

In the meantime Venezuela exports fell 12.8% to 1.38 million bpd, UAE exports fell 2.5% to 2.58 million bpd. Nigeria exports fell 0.3% to 2.14 million bpd. Kuwait exports fell 6% to 2.08 million bpd. Iraq exports fell 20% to 2.07 million bpd. Angola exports fell 8.4% to 1.53 million bpd. All in September.

You can also add in the fact that despite the large increases in the USA and Canadian oil production the world is still price rationing poorer countries right out of the pool of consumers.

[westexas]

The EIA puts 2013 average Saudi total petroleum liquids + other liquids production at about 11.5 mbpd through July. I would assume that they will average between 11.5 and 11.7 for 2013. Assuming that consumption is around 3.0 mbpd, 2013 annual net exports will probably be around 8.5 to 8.7, versus 9.1 mbpd in 2005.

In other words, I suspect that 2013 will be the 8th year in a row that Saudi annual net oil exports were below their 2005 annual rate.

In regard to the global net export supply base, a chart showing the 2005 to 2012 rates of change in the ECI ratios* for the (2005) Top 33 net oil exporters follows. 26 of the top 33 net oil exporters in 2005 are trending toward (or have already arrived at) zero net oil exports, based on the 2005 to 2012 rates of change in their ECI ratios.



*Ratio of total petroleum liquids production + other liquids production divided liquids consumption (EIA). At an ECI ratio of 1.0, net exports = zero

[godq3]

They have simply substituted imported fuel oil for crude oil in power generation, to free up crude for export,” said Amrita Sen of Energy Aspects.