GCC demand to curtail oil exports

[JCMach1]

Source: Gulf News

Spiralling energy demand in the Gulf states, coupled with a gas-supply crunch, might lead to oil exports from the region falling during the summer, according to energy econ-omists.

A Lehman Brothers report puts the possible Gulf export shortfall due to high domestic demand at up to one million barrels per day (bpd).

According to Edward Morse, Lehman's chief energy economist, the world markets faced a shortfall of about one million barrels per day last July and August, and it could be repeated this year.

"The Middle East now appears to require more hydrocarbons being devoted to power generation than had been the case historically...

Read more: http://www.gulfnews.com/business/Oil_and_Gas/10203450.html

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$5 gas... $125 oil...? It's a possibility this Summer.

[Fovea]

1. They promise they will meet demand in 09???

But they couldn't in 07 and won't in 08?

Bullshit.

[JCMach1]

2. Ironically, it may be recession that saves us by curbing demand

[Caradoc]

3. Nationalize Now!

There's only one solution...nationalize oil reserves and the oil industry. The Saudis do it, Venezuela does it...it puts the petro profiteers in a headlock and keeps them that way. Want lower oil prices? Then all each nation has to do is whisper 'nationalization' and you'll be amazed how fast the price drops.

[Fovea]

8. I have been screaming that for years now.

All non renewable energy sources and minerals.

The people live on top of them. We the people should benefit from their use.

[Fovea]

7. To answer that question, we need to see

how badly China, India, Russia are hit by this recession.

I have a feeling that they and the EU are going to pull out of it quickly, and by isolating a big hunk of our market. Perhaps they will market our debt as an asset.

We will have western hemisphere oil, but our economy will not sustain an international military footprint to insure hegemony.

Forget Iran, our next war of aggression will be Venezuela.
I can easily see Columbia with its new oil discoveries as a US protectorate as well.

Alberta, who knows?

[FarCenter]

4. There has been a huge building boom

Those new cities rising in the coastal desert require huge amounts of air conditioning, as well as huge amounts of energy to desalinate Pesian Gulf water.

The story indicates that their power plants are gas fueled, and that they may divert gas supplies from oil well injection to the power plants, reducing oil flow during the summer.

Not good. It means the fields are getting hard to pump. The fat lady is warming up.

[4dsc]

5. EXPORTS WILL FALL BY 25% of more.,.

I am really surprised that this kind of report is finally making the rounds but we have seen nothing yet.. Follow along at www.theoildrum.com and you'd already know about this situation..Exports are expected to fall by as much as 50% by the year 2020..


Let's assume that we have a world where all oil production is from one country--Export Land--that produces 20 mbpd, consumes 10 mbpd, and exports 10 mbpd to oil consuming countries around the world.

Export Land hits the 50% of Qt (URR) point, and over a five year period production drops by 25%. Over the same time period, Export Land's consumption increases by 20% to 12 mbpd. This causes Export Land's net exports over the five year period to fall from 10 mbpd to 3 mbpd, a decrease of 70%--resulting from a combination of increasing domestic consumption in Export Land and a 25% drop in production.

Let's look at real world production with our hypothetical Export Land as a model.


http://www.theoildrum.com/story/2006/1/27/14471/5832

[Phred42]

6. Time to get SERIOUS about NATIONALIZING the Fossil Fuel Industries

It's a matter of National Security



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