Is Saudi Arabia Exaggerating Its Oil Production Potential?

[Kedikesenfare2]

Is Saudi Arabia Exaggerating Its Oil Production Potential?​

By Simon Watkins - Jul 04, 2022, 6:00 PM CDT

• For years, Saudi Arabia has made some pretty hefty claims about its oil potential.
• It is becoming increasingly clear, however, that the Kingdom may be stretching the truth a little too far.
• Analysts are now beginning to doubt that Saudi Arabia even has the reserves it says it has.

Is Saudi Arabia Exaggerating Its Oil Production Potential? | OilPrice.com

Saudi Arabia has made some wild claims about its oil production potential, but the claims could be exaggerated

oilprice.com

Must read. If only half of what this guy has written is true, it would mean that Saudi Arabia's role as a global energy source is at stake.

Very interesting and fact orientated piece.

 

[Corruptistan]

Sure, expect that it is widely well-known and documented that Saudi Arabia has the second biggest crude oil reserves on the planet after Venezuela.

Oil and gas reserves and resource quantification - Wikipedia

en.wikipedia.org

Not only that, Saudi Arabian crude oil is the cheapest to extract in the world and the crude oil with the highest quality and purity. The country posseses the most advanced in-house extraction capability, largest oil production facilities and state of the art Aramco infrastructure.

Moreover much of KSA is yet to be excavated.

Funnily enough such articles have been posted for the past 40 years, yet KSA has been the biggest oil producer in most of those 40 years. Funny, is it not? Eventually in 200 years or whenever, they will be right, lol.

Most importantly, KSA is literaly a goldmine when it comes to fossil fuels and mineral wealth.

With an estimated value of US$31.00 trillion, Saudi Arabia has the second most valuable natural resource reserves in the world.[15]​

https://www.investopedia.com/articles/markets-economy/090516/10-countries-most-natural-resources.asp​

Economy of Saudi Arabia - Wikipedia

en.wikipedia.org

Trillions of mineral wealth as well.

Only Russia can compete but Russia has a population that is 4 times bigger and the landmass of Russia is 6.5 times bigger and costs of the extraction and mineral excavating is much higher in Russia than in KSA.

Moreover KSA borders 3 of the 5 most strategic/busy waters in the world were most of the world's trade passes by.

To put some of those numbers listed into perspective, KSA already controls 2 trillion USD just by virtue of their sovereign wealth funds. Absolutely insane.

BTW: I took a look at that nobody's claims and all of them are empty claims.

Just recent findings from this year.

Bloomberg - Are you a robot?

Saudi Arabia discovers two new oil, gas wells

- Country holds 269 billion barrels, or 17.2%, of total global reserves after Venezuela - Anadolu Agency

www.aa.com.tr

So his entire premise of his article is a lie and his claims of now new oil discoveries in decades. Already there his little article loses all credibility.

I did some research and basically everything that he claims is bogus.

These skeptical viewpoints have been countered by events culminating in early 2019. In a press conference in Riyadh Saudi Arabia on January 9, 2019, Saudi Arabia Energy Minister, Khalid Al-Falih, officially announced that DeGolyer and MacNaughton had completed the first ever independent evaluation of proved reserves for the Kingdom. The results of this effort indicate that the proved reserves in the Kingdom are likely proximal to, and even somewhat larger than, previous official estimates. H.E. Khalid Al-Falih outlined the extensive effort in his remarks, stating that the process began in August 2016 and continued for almost 2+1⁄2 years. DeGolyer and MacNaughton personnel (more than 60 geophysicists, petrophysicists, geologists, simulation engineers, reserves engineering specialists, and economists) built the detailed independent evaluation using the extensive raw database from each of the wells and reservoirs in the evaluated reservoirs, applying their own techniques and methodologies to reach the resulting independent estimate of proved reserves. Reaction in the press to the independent evaluation was notable. For example, Ellen Wald, global energy policy analyst, told CNBC that “Whether they have 260 or 266 billion barrels isn't really the issue,” she said. “The point is that they had DeGolyer and MacNaughton, which is a very respected source, do an audit…I think it's designed to put to rest the controversy that's always plagued them since the publication of ‘Twilight in the Desert’.”
​

Oil reserves in Saudi Arabia - Wikipedia

en.wikipedia.org

 

[aryobarzan]

Saudi oil reserves numbers are all fake.... fake numbers approved by the US to keep markets quiet and Aramco stockprices stable....Saudi oil is running out..they are stealing Yemen oil to keep production going...All facts..but Propaganda and Saudi money does not allow facts to be known globally..

 

[The SC]

Saudi Arabia​

https://www.eia.gov/international/overview/country/SAU

 

[Kedikesenfare2]

Sure, expect that it is widely well-known and documented that Saudi Arabia has the second biggest crude oil reserves on the planet after Venezuela.

Oil and gas reserves and resource quantification - Wikipedia

en.wikipedia.org

Not only that, Saudi Arabian crude oil is the cheapest to extract in the world and the crude oil with the highest quality and purity. The country posseses the most advanced in-house extraction capability, largest oil production facilities and state of the art Aramco infrastructure.

Moreover much of KSA is yet to be excavated.

Funnily enough such articles have been posted for the past 40 years, yet KSA has been the biggest oil producer in most of those 40 years. Funny, is it not? Eventually in 200 years or whenever, they will be right, lol.

Most importantly, KSA is literaly a goldmine when it comes to fossil fuels and mineral wealth.

With an estimated value of US$31.00 trillion, Saudi Arabia has the second most valuable natural resource reserves in the world.[15]​

https://www.investopedia.com/articles/markets-economy/090516/10-countries-most-natural-resources.asp​

Economy of Saudi Arabia - Wikipedia

en.wikipedia.org

Trillions of mineral wealth as well.

Only Russia can compete but Russia has a population that is 4 times bigger and the landmass of Russia is 6.5 times bigger and costs of the extraction and mineral excavating is much higher in Russia than in KSA.

Moreover KSA borders 3 of the 5 most strategic/busy waters in the world were most of the world's trade passes by.

View attachment 861174

View attachment 861175

To put some of those numbers listed into perspective, KSA already controls 2 trillion USD just by virtue of their sovereign wealth funds. Absolutely insane.

BTW: I took a look at that nobody's claims and all of them are empty claims.

Just recent findings from this year.

Bloomberg - Are you a robot?

Saudi Arabia discovers two new oil, gas wells

- Country holds 269 billion barrels, or 17.2%, of total global reserves after Venezuela - Anadolu Agency

www.aa.com.tr

So his entire premise of his article is a lie and his claims of now new oil discoveries in decades. Already there his little article loses all credibility.

I did some research and basically everything that he claims is bogus.

These skeptical viewpoints have been countered by events culminating in early 2019. In a press conference in Riyadh Saudi Arabia on January 9, 2019, Saudi Arabia Energy Minister, Khalid Al-Falih, officially announced that DeGolyer and MacNaughton had completed the first ever independent evaluation of proved reserves for the Kingdom. The results of this effort indicate that the proved reserves in the Kingdom are likely proximal to, and even somewhat larger than, previous official estimates. H.E. Khalid Al-Falih outlined the extensive effort in his remarks, stating that the process began in August 2016 and continued for almost 2+1⁄2 years. DeGolyer and MacNaughton personnel (more than 60 geophysicists, petrophysicists, geologists, simulation engineers, reserves engineering specialists, and economists) built the detailed independent evaluation using the extensive raw database from each of the wells and reservoirs in the evaluated reservoirs, applying their own techniques and methodologies to reach the resulting independent estimate of proved reserves. Reaction in the press to the independent evaluation was notable. For example, Ellen Wald, global energy policy analyst, told CNBC that “Whether they have 260 or 266 billion barrels isn't really the issue,” she said. “The point is that they had DeGolyer and MacNaughton, which is a very respected source, do an audit…I think it's designed to put to rest the controversy that's always plagued them since the publication of ‘Twilight in the Desert’.”
​

Oil reserves in Saudi Arabia - Wikipedia

en.wikipedia.org

You haven't even read the article instead you jumped to a conclusion that aligns with your worldview because anything else would shatter your mind.

Read the article. The guy has some worrying facts - real data based on what the Saudis publicized.

 

[Corruptistan]

You haven't even read the article instead you jumped to a conclusion that aligns with your worldview because anything else would shatter your mind.

Read the article. The guy has some worrying facts - real data based on what the Saudis publicized.

The article is of such a low quality that it was a joke reading it. I actually read it, had you read it too, and my reply, you would not have written such a nonsense reply to me. The guy stupidly claims that there have been no new oil and gas discoveries in KSA in the past 30 (or was it even 40 years) which is a blatant lie. Numerous new oil and gas discoveries have been made since then and some very recent ones (I posted the articles as well in post 2).

The guy then stupidly claims that nobody has verified the numbers published which is also a complete lie and nonsense which I also provided evidence of in post 2.

So basically if anything, this is just wishful thinking for those that have a problem with the incredible and well-known natural and mineral wealth of Saudi Arabia. We have one Iranian troll already in this thread whose entire existence on this forum seems to center around KSA and Arabs and how bad they are, lol.

Last time I checked KSA has earned 300 billion USD (!!!) just in the past 6 months on its oil sales alone. Aramco just became the most valuable company in the world recently too.

Anyway whatever makes you guys happy in some alternative reality.

 

[zartosht]

The shias of saudi arabia need independence and to keep their oil themselves. Not have some wahabi regime steal it under their feet and hang their religois leaders, while
Making the shia areas the poorest

Its a tragedy whats happening to saudi / bahraini shias.

 

[Corruptistan]

The shias of saudi arabia need independence and to keep their oil themselves. Not have some wahabi regime steal it under their feet and hang their religois leaders, while
Making the shia areas the poorest

Its a tragedy whats happening to saudi / bahraini shias.

Saudi Arabian Shias live far more comfortable lifes in Saudi Arabia than any minority does in Iran let alone non-minority. They are richer, life in a pampered welfare state with free healthcare, free education, no taxation, land grants from the state, they live in one of the most stable countries on the planet with some of the lowest crime rates on the planet, their infrastructure, HDI and other important paramenters are some of the best in the world and far ahead of anything in Iran.

Not only that they have all the exact same rights that every citizen of KSA has. They have their own mosques, religious leaders and religious celebrations that are tolerated even in public. In fact some of the main industrial zones in KSA are located in the Eastern Province. Many of the Saudi Arabian Shias are employed by Aramco, SABIC and other Saudi Arabian industrial giants. Local cities such as Al-Khobar, Dammam etc. have some of the best living standards in the region too.

Not only that Saudi Arabian Shias are not a majority in the Eastern Province. In fact they are a minority. Nor are they different from their Sunni Saudi Arabian Arab brethren. They are the same people adhering to the same religion which is native to Arabia. The idea that the natural resources of an entire country solely belongs to the inhabitants of said region and not the entire country is some kind of truly retarded logic. Even more so when we are talking about the exact same people and ethnicity just divided by irrelevant differences of sect of the same religion (Islam).

By that retarded logic the oppressed Arabs of Al-Ahwaz need to free themselves from the Wilayat al-Faqih Shia Twelver Mullah regime that rules Iran since it is their oil.

Not only that, let us divide Iran into 5-6 different countries based on ethnicity, language and sect alone.

 

[TNT]

The shias of saudi arabia need independence and to keep their oil themselves. Not have some wahabi regime steal it under their feet and hang their religois leaders, while
Making the shia areas the poorest

Its a tragedy whats happening to saudi / bahraini shias.

A typical iranian hypocrite will quickly turn to sectarianism. Well then face the reality, sunnis in iran also live in worst conditions and im sure they r in a bigget need to be independent or join balochistan.

If Saudi dont have the capacity, howcome in 2014 to 16 it produced so much oil and oversupplied the market so much that prices went below $50 a barrel.

 

[Corruptistan]

A typical iranian hypocrite will quickly turn to sectarianism. Well then face the reality, sunnis in iran also live in worst conditions and im sure they r in a bigget need to be independent or join balochistan.

If Saudi dont have the capacity, howcome in 2014 to 16 it produced so much oil and oversupplied the market so much that prices went below $50 a barrel.

The ground reality is that Saudi Arabian Shias live better than every group in Iran does. Nor are they oppressed. See my post 8.

This is Saudi Arabia (Eastern Province) in the Shia-majority areas. Iranian Mullah propaganda won't ever show you the reality hence the retarded and ignorant comment of that Iranian.

Basically a good advice when engaging with Iranians online (in particular if they are nationalists like all users tend to be on military forums), ignore everything that they say about KSA or Arabs in general. They are usually clueless and if not that biased.

Secterianism within KSA is almost non-existent and every sect of Islam (old) is natively found within the many regions of KSA. Shafi's, Hanbalis, Malikis, Hanafis, Sufis, Salafis, Jafaris, Zaydis, Ismailis etc.

But we have idiots in Pakistan who are completely clueless as well and swallow Iranian propaganda about Arabs.

Lastly this thread is also nonsense as I showed in post 2, so I will just end it here as it serves no purpose.

 

[Hydration]

Saudi oil reserves numbers are all fake.... fake numbers approved by the US to keep markets quiet and Aramco stockprices stable....Saudi oil is running out..they are stealing Yemen oil to keep production going...All facts..but Propaganda and Saudi money does not allow facts to be known globally..

Man you better tell me what you people smoke because i want a sample of it

 

[MH.Yang]

The real threat to Saudi Arabia comes from new energy.

I think the Saudi government should consider large-scale investment in new energy to hedge this threat.

 

[aryobarzan]

Man you better tell me what you people smoke because i want a sample of it

If you bother to read the report provided to you by the OP you will see that I only smoke the good stuff..!

 

[aryobarzan]

The ground reality is that Saudi Arabian Shias live better than every group in Iran does. Nor are they oppressed. See my post 8.

This is Saudi Arabia (Eastern Province) in the Shia-majority areas. Iranian Mullah propaganda won't ever show you the reality hence the retarded and ignorant comment of that Iranian.

Basically a good advice when engaging with Iranians online (in particular if they are nationalists like all users tend to be on military forums), ignore everything that they say about KSA or Arabs in general. They are usually clueless and if not that biased.

Secterianism within KSA is almost non-existent and every sect of Islam (old) is natively found within the many regions of KSA. Shafi's, Hanbalis, Malikis, Hanafis, Sufis, Salafis, Jafaris, Zaydis, Ismailis etc.

But we have idiots in Pakistan who are completely clueless as well and swallow Iranian propaganda about Arabs.

Lastly this thread is also nonsense as I showed in post 2, so I will just end it here as it serves no purpose.

THE Thread is about oil in Saudi Arabia has nothing to do with Iran...there are consistent reports about Saudi oil reserves being fake...I did not do the reports..I do simple math......unless every barrel of Saudi oil that is extracted from Saudi reserves some magic way gets replaced with new oil (from heavens may be) then something is not right..read the report...and no significant new oil is being discovered...so stop turning any issue into religious domain..I could care less about shia or sunni stuff...

 

[MH.Yang]

KSA is a renewables energy superpower in the making. They have invested hugely in solar technology and other renewables such as wind, dams, geothermal etc. In fact Saudi Arabian solar panel firms are building entire solar farms in many Arab and non-Arab countries from Uzbekistan to Morocco.

KSA has very big ambitions in this regard and have already initiated many such projects.

I forgot nuclear energy, KSA plans to build over 10 nuclear power stations by 2030. Currently there are only 3 majority Muslim nations with active nuclear power stations. US (Pakistan) with several, UAE (with the currently the largest one called Barakah) and the German/Russian constructed Bushehr one in Iran that the Russians helped finalize recently after 40 years of work overall.

List of nuclear power stations - Wikipedia

en.wikipedia.org

BTW according to the Saudi Vision 2030, by 2030 50% of KSA's energy needs will be covered by renewables.

Strong momentum in Saudi Arabia’s drive toward renewables and infrastructure

Saudi Arabia’s strategy to push through its portfolio of clean and renewables assets was further strengthened in 2021 as the kingdom witnessed several project financings in the solar sector and launched the National Infrastructure Fund (NIF) to diversify its economy.

www.mei.edu

I mean investing in photovoltaic, lithium batteries, new energy vehicles, wind machinery manufacturing, biomass energy, nuclear fusion and other technologies and industries.

Saudi Arabia can cooperate with China. Saudi Arabia sells shares of Saudi Aramco and China sells shares of state-owned new energy enterprises.