Oil supplies 'over-estimated'

#1
http://www.channel4.com/news/2004/10/week_5/26_oil.html

Channel 4 News has been told by a top Saudi oil industry insider that the American government's forecast for future oil supplies are a "dangerous over-estimate".

Sadad Al Husseini has just retired as vice-president of the Saudi oil company Aramco.

His comments could have a significant impact on a jittery oil market which has seen the price of a barrel of crude rocket to record levels over recent weeks.


Global oil markets are incredibly stretched. The price of a barrel is around $55 dollars and rices have risen by around 80% over the last year.


The key supplier is Saudi Arabia and the markets are highly sensitive to any news regarding the Desert Kingdom.
8O

 
#3
This morning's news: OPEC strongly recommended US government tap the Strategic Petroleum Reserve.

This is a subterranean reservoir (a group of salt caverns) holding an estimated sixty-five days' supply.

The story I read is that OPEC states are collectively delivering 100% of available capacity to produce light sweet crude.

Saudi Arabia has some untapped capacity, or so I read, to produce additional heavy, high-sulfur crude. However, there is not enough refining capacity to accommodate any more of this difficult-to-process raw material.

By the way, on these glad tidings, New York Mercantile Exchange light sweet crude for November delivery dropped two bucks today. Go figure.
 
#5
More likely that the story was 'leaked' to further boost the crude price for the profiteering b@stards to get more loot. If BP are making £1M per hour in profit from this, how much do you think some of the other companies are raking in! (Not to mention this theiving government!). :evil:
 
#6
#7
Stinks a bit when a "top" exec begins to cast doubt on suggested oil reserves.

Still with all the money they have accumulated, perhaps now is the time to develop other forms of energy that will last.
 
#8
dui-lai said:
Stinks a bit when a "top" exec begins to cast doubt on suggested oil reserves.

Still with all the money they have accumulated, perhaps now is the time to develop other forms of energy that will last.
Dung power, theres the way to go, a good storage for that is at Westminister :p

http://news.bbc.co.uk/1/hi/northern_ireland/3761604.stm
 
#10
polyglory said:
dui-lai said:
Stinks a bit when a "top" exec begins to cast doubt on suggested oil reserves.

Still with all the money they have accumulated, perhaps now is the time to develop other forms of energy that will last.
Dung power, theres the way to go, a good storage for that is at Westminister :p

http://news.bbc.co.uk/1/hi/northern_ireland/3761604.stm
Works too, one power plant already running on chicken-sh1t at Thetford.
 
#11
Liquid propane gas is one way to go ahead as it cheaper and enviromentaly friendly
http://www.lpga.co.uk/ enter and look for autogas
http://www.globalchange.com/ppt2/SHVGAS2/

Hydrogen fuel is another route to go down
http://news.bbc.co.uk/1/hi/sci/tech/3536156.stm
http://www.bullnet.co.uk/shops/test/hydrogen.htm
http://www.dti.gov.uk/renewable/hydrogen_casestudies.html

we should move away from dependence on oil and use it only for production of furnitures, plastics and not for fuel unless neccessary.
so any oil embargo by the (this passage edited) can fight it out and kill each other while the rest of the world gets on with living real lives

------------------------------------------------


Semper, does this look like Mil.com to you?

PTP
 
#13
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Semper, does this look like Mil.com to you?

PTP
they are my own views however un pc it may be.
there are those sort of people in the middle east, infighting and slotting each other is something they do all the time unless there is a common enemy I.E. UK/USA troops etc
each islamic group believes that only THEY are the true muslim they are the only one who has interpreted the Koran correctly anyone else is an ifidel or an unbeliever and must convert or die
no i haven't been in mil.com so i don't know the format of that website and therefore cannot compare
 
#14
Great , they are your own views *Applause*

Try posting them , without the racial slurs, which is why your post was edited.
 
#15
PartTimePongo said:
Great , they are your own views *Applause*

Try posting them , without the racial slurs, which is why your post was edited.
ok i wasn't aware they were considered a racist remark as some members on this site have used such terms before ,
no colour was used in the making of this post or the the previous one.
 
#16
No problem

I have edited posts in the past as per the site rules.

Please be aware ,with more and more people , and the Media (Domestic and Foreign) looking in, some remarks may be taken out of context or exaggerated for re-publication.

PTP
 
#17
This whole problem is another sign of our polititians not looking past the next elections. If you take all the worlds oil reserves we will run out in about 40 years at current comsumption. Unfortunately we are projected to increase our consumption, mainly in China and India. Doing the maths we will probably have a problem and our kids definately will.

The solution, move to a non hydrocarbon economy. This is where the political will comes in. Even on the most optimistic projections renewables will only produce 10% of the power the UK needs, so where does the othe 90% come from? We are running out of gas, we have got coal, but we burn it in an inefficient way and we are closing our nuclear power plants bacause the bunny huggers dont like them.

We need a Govt who will put the future of the country ahead of short term electorial issues, and get some new reactors built. As a by-product they turn out Hydrogen, so we can all still have our cars. Best of all we would be pretty much energy selfsufficient, no more interest in te middle east, no more pipe lines, no more being nice to dubious regimes because they have oil.

This is the No 1 issue facing the country, and yet we spend more time talking about fox hunting. Talk about rearranging deck chairs on the Titanic!

Rant off :x
 
#18
This is the No 1 issue facing the country, and yet we spend more time talking about fox hunting. Talk about rearranging deck chairs on the Titanic!
I would hazard a guess that PEnsions are the no. 1 issue facing this country, closely followed by sustainable energy.
 
#19
There is still ALOT of research to do for hydrogen fuel. The main problem for all other alternative fuels is energy density. At the moment nothing comes remotely close to matching the energy density of hydrocarbon fuels. Then there are problems associated with storage, the stores have to be safe, but not too heavy (back to the problems of energy density).

Ideas that haven't been taken up by the government include subsidising CHP in the home, individual wind turbines, etc, etc. One big problem with most renewable schemes today are NIMBYs. Nobody wants to live near them. Personnally I believe wind farms look elegant, but what the hell. MOD and the ATCS have worries about many wind-farm applications because of interference to air surveillance radars leading to low level flight safety worries.

I agree that the way forwards is nuclear, in which case we need to get started now.
 
#20
MikeCC wrote

I agree that the way forwards is nuclear, in which case we need to get started now.
Right on, France has a large Nuclear Power supply and a population that broadly supports its use, we could do the same here, but like the railways our politicians are unable to look forward. When will we get a govrnment that is prepared to undertake some infrastructure development that will STILL be an asset to the country in the NEXT century. We are all expected to look to the long term with our finances(pensions) our careers etc but our Govts only look to the next election. :evil:

I installed part solar power at home (I,m not a tree hugger) 8 years ago it saves me between £200-300 a year in heating/hot water, more as the prices rise, it has payed for it self already. To encourage use the Govt could do away with VAT on these products, but it won't because Fox hunting is more important(not you Filbert :wink: )[/quote]
 

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