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Current Events & Hot Topics Current Events & Hot Topics

Saudi Arabia Cuts Oil Output, Export: Industry Report

Posted by on Feb. 19, 2012 at 7:30 PM
  • 10 Replies

The world’s top oil exporter, Saudi Arabia, appears to have cut both its oil production and export in December, according to the latest update by the Joint Organizations Data Initiative (JODI), an official source of oil production, consumption and export data.

AP

The OPEC heavyweight saw production decline by 237,000 barrels per day (bpd) from three-decade highs of 10.047 million bpd in November, the JODI data showed on Sunday.

The draw-down was sharper for the actual amount exported, declining by 440,000 bpd, or 5.6 percent, to come in at 7.364 million bpd, the data also showed. The level would still be similar to exports after a steep ramp-up last June. 

In its monthly report on February 10, the IEA put Saudi Arabia’s production number for December slightly lower at 9.55 million bpd, a disparity of 260,000 bpd versus the JODI data.

Iran appeared not to have filed data in time for the latest release, providing no additional clues about how many export barrels were already lost in December, as some reports have suggested.

Yousef Gamal El-Din

Yousef Gamal El-Din
CNBC Anchor

JODI, an initiative coordinated by the International Energy Forum (IEF), depends on participating member states for data collection. The IEA estimated Iran’s oil supply in December to have been 3.45 million bpd, marking a drop of 100,000 bpd.

For the third month in a row, no details were available for the United Arab Emirates (UAE) and Libya, the immediate reasons for which are unclear.

Together with other Gulf oil exporters, the UAE has been in focus as a possible source of alternative supply for at least some of Iran’s crude. Widening sanctions have seen several Asian clients of Iran’s oil, including top importer China, send high-level delegations to the region in the last few weeks.

Iraq, another frequently-cited supplier to make up for part of the Iranian oil shortfall following European Union sanctions,  reported no major changes to its supply and export regime. Authorities there are pursuing an ambitious production expansion plan with the aim of reaching 12 million bpd by 2016.

http://www.cnbc.com/id/46445698

by on Feb. 19, 2012 at 7:30 PM
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Replies (1-10):
othermom
by Bronze Member on Feb. 19, 2012 at 7:38 PM

interesting

smalltowngal
by Platinum Member on Feb. 19, 2012 at 8:10 PM

I mentioned in another thread how oil hit $105 a barrel. It's backed down a little but not much. It will be an interesting week to watch WTI, Brent and RBOB.

candlegal
by Judy on Feb. 19, 2012 at 9:33 PM

I think it is going to go much higher

Quoting smalltowngal:

I mentioned in another thread how oil hit $105 a barrel. It's backed down a little but not much. It will be an interesting week to watch WTI, Brent and RBOB.


katzmeow726
by Platinum Member on Feb. 19, 2012 at 9:45 PM

I vote for a return to horse and buggies...yep

At least horses have the sense not to run in to each other, so hey we'll cut down on traffic fatality deaths.  Then we can recycle to poo for use as fertilizer in farms and for energy uses.

Then the food we grow can help increase suppy, and cut down on food prices.

Yep...totally would work....we just need to find a lot of horses. 

jesusismyfriend
by Silver Member on Feb. 20, 2012 at 9:37 AM

All about the peek.  No one wants to admit it but that is what  it is.  We have peeked and are trying to feed an oil hungry and growing world. We need to find alternatives like yesterday.  I am afraid this will get much worse.

smalltowngal
by Platinum Member on Feb. 20, 2012 at 10:13 AM


Quoting jesusismyfriend:

All about the peek.  No one wants to admit it but that is what  it is.  We have peeked and are trying to feed an oil hungry and growing world. We need to find alternatives like yesterday.  I am afraid this will get much worse.

I am still on the fence with peak oil theories. If it is true, then I agree that things will get worse before people adapt to other technologies. Think how much oil is used to just to get a loaf of bread to your table.

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rotPferd
by Silver Member on Feb. 20, 2012 at 10:18 AM

 

Quoting katzmeow726:

I vote for a return to horse and buggies...yep

At least horses have the sense not to run in to each other, so hey we'll cut down on traffic fatality deaths.  Then we can recycle to poo for use as fertilizer in farms and for energy uses.

Then the food we grow can help increase suppy, and cut down on food prices.

Yep...totally would work....we just need to find a lot of horses. 

 While horse and buggy would be fun, and less energy consuming as far as oil goes, taking care of a horse entails alot of expense. You need at least an acre per horse, shelter, food (not cheap), a good farrier and immunizations. Not to mention all the tack and accessories needed to ride/hitch a wagon to. And yes, horse poop is way better than cow poop!

helema24
by Member on Feb. 20, 2012 at 10:53 AM

ok the oil we use comes mostly from canada and our own reserves we get a small percentage from saudia and othe rplaces but if we tapped into the wells that have been shut down wed be ok!! why is it the media makes it as if we get so much oil from over there when we dont? the gov gets the majority of the money that we pay for gas. most stations get mabeey 1 dollar of the price they charge the rest goes to the oil companies and to taxes. many o fthe oil companies have gov officials that are stock holders of enough stock to get major kickbacks when the price of oil is raised.

lga1965
by on Feb. 20, 2012 at 11:14 AM

 I disagree....I think its all about the PEAK.   

smile

Quoting jesusismyfriend:

All about the peek.  No one wants to admit it but that is what  it is.  We have peeked and are trying to feed an oil hungry and growing world. We need to find alternatives like yesterday.  I am afraid this will get much worse.

 

candlegal
by Judy on Feb. 20, 2012 at 11:19 AM

All the green energy companies seem to go bankrupt with all the stimulus help they got.

Quoting smalltowngal:


Quoting jesusismyfriend:

All about the peek.  No one wants to admit it but that is what  it is.  We have peeked and are trying to feed an oil hungry and growing world. We need to find alternatives like yesterday.  I am afraid this will get much worse.

I am still on the fence with peak oil theories. If it is true, then I agree that things will get worse before people adapt to other technologies. Think how much oil is used to just to get a loaf of bread to your table.


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