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Thread: Saudi Official: World Has Enough Oil For Another 140 Years

  1. #1
    PhilosophyGenius Guest

    Saudi Official: World Has Enough Oil For Another 140 Years

    Saudi Official: Oil Reserves Run Deep

    Oil Executive Says World Has Tapped Just 18 Percent of Oil Supplies

    http://www.cbsnews.com/stories/2006/...n2003502.shtml



    VIENNA, Austria, Sept. 13, 2006


    (AP) The world has tapped only 18 percent of the total global supply of crude, a leading Saudi oil executive said Wednesday, challenging the notion that supplies are petering out.

    Abdallah S. Jum'ah, president and CEO of the state-owned Saudi Arabian Oil Co., better known as Aramco, said the world has the potential of 4.5 trillion barrels in reserves — enough to power the globe at current levels of consumption for another 140 years.

    Jum'ah challenged oil ministers and petroleum executives at an OPEC conference in Vienna to step up exploration "and leave the minimum amount of oil in the ground."

    "The world has only consumed about 18 percent of its conventional potential," Jum'ah said, contending that should lay to rest fears that the world is in danger of being tapped out within a few decades.

    Many experts estimate that the planet's recoverable oil resource is at least 3 trillion barrels and potentially more than 4 trillion barrels. If global consumption rises about 2 percent a year from today's levels of about 85 million barrels a day, they say, the low end of that range would only be enough to last until roughly 2070.

    Rex W. Tillerson, the chairman of Exxon Mobil Corp., said world demand for oil will increase by 50 percent in the next decade.

    "When nations threaten to stop this flow, it stops economic progress worldwide," Tillerson said.

    Industry leaders have gathered this week to take stock of new challenges at the conference sponsored by the Organization of Petroleum Exporting Countries.

    Earlier this week, the 11-nation cartel agreed to leave its current production target of 28 million barrels a day unchanged, but made clear it would keep close tabs on falling oil prices and consider a possible cut in its output quota before the end of the year.

    Crude prices have tumbled to five-month lows and have dropped by more than $12 a barrel since hitting record highs in mid-July. Analysts say a combination of ample supplies and an easing of political tensions such as the cessation of hostilities in Lebanon and progress in talks on Iran's suspect nuclear program have driven prices lower.

    "When prices are high, passions can run high," Tillerson said. "Economic nationalism may gain in popularity" at the expense of developing global markets and the world economy, he said.

    "The new era we face, like all of the previous ones, is not an era of easy oil — nor will it be an era of easy answers. But it can be an era of continued economic advancement," he said.

    Jum'ah challenged explorationists to find enough new oil resources to add 1 trillion barrels to world reserves over the next 25 years, saying new technology and higher recovery rates would make it possible to hit that target.

    Already, he noted, drilling is now going on as deep as 10,000 feet below the Gulf of Mexico and 7,000 to 8,000 feet elsewhere. Experts say a newly discovered petroleum pool beneath the Gulf of Mexico eventually could yield anywhere from 3 billion to 15 billion barrels.

  2. #2
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    I have several other articles from the same type of sources that say differently. Oh well.
    No One Knows Everything. Only Together May We Find The Truth JG


  3. #3
    PhilosophyGenius Guest
    I think it's more likely that oil is about to run out. Saying only 18% has been taped is far fetched. Unless they know something we don't...

  4. #4
    Eckolaker Guest
    Everything I see as of late suggests exactly what this article just mentioned.

    Peak oil is a false term.

    Look at what Greg Palast has put out. Look at the Chevron discovery in the gulf.

    Everything I have read says that a huge oil reserve is located in the gulf of mexico we just have to drill deep enough to tap it.

    Remember they dont make money if there is a bunch of oil in the world. Hell just the threat of a drop in production raises the price $10bucks/barrel

  5. #5
    PhilosophyGenius Guest
    Peak Oil being false may make sense, and course there's the new discover in the gulf. But the hard part for me is the fact that he's saying we've only used 18% in industrial history, keeping that much oil on the down low is pretty amazing.

  6. #6
    Eckolaker Guest
    Quote Originally Posted by PhilosophyGenius
    Peak Oil being false may make sense, and course there's the new discover in the gulf. But the hard part for me is the fact that he's saying we've only used 18% in industrial history, keeping that much oil on the down low is pretty amazing.
    yeah I can understand what you're saying.

    Although one must take into account that until the last few years we did not have the technology to do exploritory wells that deep in ocean water then also drill into the ocean floor.

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