Is Saudi Arabia Depending Too Much On The Ghawar Field?

5 Jul 2017   Saudi Arabia

About the only joy Fossil Fuelers have been getting lately is the sweet satisfaction that the ‘Peak Oil’ crowd got it wrong. What the Fossil Fuelers may need to start chewing on is that peak oil, which is merely a description of an inevitability for a limited resource (you heard it here last – fossil fuels are finite) and not a political litmus test, is not their problem ; peak demand is their problem. Why else would the owners of the world’s greatest pool of BTUs decide to sell their bounty to the public? The Saudis have a problem, too. It isn’t just that their economy is slowing down ; roughly one third of their 10 mb/d production is used internally, and much of that is used to make cheap power. They burn it as though it were worth $6 per barrel so they can enjoy 3-cent kilowatt-hours. (U.S. […]

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