Merrill
Merrill
It is my understanding that they are pumping oil from the ground using solar power.
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Fossil Fuel Divestment - Saudis Want Out
- Thread starter TheTalkingMule
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- Energy Environment Policy
That’s a good start. Now they just need to start powering most of their society from Solar/wind/batteries.
They are also awash in natural gas. For years they just burned it off in giant flares that were visible from space. That is now considered uncool except in emergencies. They can liquefy it and export it, but there isn't a huge market for liquefied natural gas yet. There aren't a lot of terminals around the world to import it, though some are under construction I believe. There was a big fight in Oregon about a natural gas export terminal that went down to defeat.
The only other options with abundant natural gas is to turn it into fertilizer or run power plants. According to Wikipedia, they do generate 65% of their electricity burning oil and 27% from natural gas. They could replace the oil with solar. Some of the United Arab Emirates are pushing forward with renewables. The YouTube series Fully Charged done by Robert Lewellyn has had a few programs on the energy advancements in the UAE.
The heavily subsidized price of gasoline was doubled today in Saudi Arabia. I doubt that will be a popular move. Diesel prices remain unchanged.
Projections for a narrower budget deficit in 2018 are based on robust non-oil GDP expansion which has zero chance of happening. Should be a very interesting 2018.
Projections for a narrower budget deficit in 2018 are based on robust non-oil GDP expansion which has zero chance of happening. Should be a very interesting 2018.
mspohr
Well-Known Member
Yes. Resource based economies have a difficult time developing. In the long run, it really is a curse.
mspohr
Well-Known Member
Lloyd's of London to divest from coal over climate change
Lloyd's of London to divest from coal over climate change
More divestment. What happens when coal companies can't get insurance?
Lloyd's of London to divest from coal over climate change
More divestment. What happens when coal companies can't get insurance?
The Saudis have worked with everyone from Putin to Israel to Wall Street hedge funders in order to juice the oil markets. Now they head to Houston for a chat with US frackers. The last gasp of collusion is at hand! Any chance these folks hear something they like?
Global oil players flock to Houston as OPEC, U.S. shale tensions ease
Global oil players flock to Houston as OPEC, U.S. shale tensions ease
mspohr
Well-Known Member
Extensive update on Saudi "reforms"
Saudis Said to Use Coercion and Abuse to Seize Billions
Looks like a shakedown of the rich with torture and abuse.
"
RIYADH, Saudi Arabia — Businessmen once considered giants of the Saudi economy now wear ankle bracelets that track their movements. Princes who led military forces and appeared in glossy magazines are monitored by guards they do not command. Families who flew on private jets cannot gain access to their bank accounts. Even wives and children have been forbidden to travel.
In November, the Saudi government locked up hundreds of influential businessmen — many of them members of the royal family — in the Riyadh Ritz-Carlton in what it called an anti-corruption campaign.
Saudis Said to Use Coercion and Abuse to Seize Billions
Looks like a shakedown of the rich with torture and abuse.
"
RIYADH, Saudi Arabia — Businessmen once considered giants of the Saudi economy now wear ankle bracelets that track their movements. Princes who led military forces and appeared in glossy magazines are monitored by guards they do not command. Families who flew on private jets cannot gain access to their bank accounts. Even wives and children have been forbidden to travel.
In November, the Saudi government locked up hundreds of influential businessmen — many of them members of the royal family — in the Riyadh Ritz-Carlton in what it called an anti-corruption campaign.
mspohr
Well-Known Member
Exclusive: OPEC's new price hawk Saudi Arabia seeks oil as high as...
Looks like SA wants even higher oil prices ahead of Aramco offering.
Looks like SA wants even higher oil prices ahead of Aramco offering.
Merrill
Merrill
This push to raise the price of oil pre-IPO might be just what the doctor ordered for Tesla. Higher gas prices in the first summer with Model 3's rolling around the US.
This 5 year period is an unprecedented opportunity to leverage foresight into the fall of oil. But I'll leave that convo for the Investment forum......
This 5 year period is an unprecedented opportunity to leverage foresight into the fall of oil. But I'll leave that convo for the Investment forum......
Brando
Active Member
mspohr
Well-Known Member
A perspective on Saudi Prince MBS:
Dear Saudi Crown Prince Supporters: Your Hero May Allow Women to Drive, but He’s Also a War Criminal
To be clear: I did not expect those of you who are members of the Trump administration, the defense industry, the oil industry or, for that matter, the Bush family, to do anything other than flatter and fawn over MBS on his recent visit to these shores. But what of you liberal apologists for the Saudi dictator-in-waiting? Why did so many of you fall over one another to get a meet-and-greet with MBS? From major Hollywood bosses like Brian Grazer and Bob Iger, to Dwayne “The Rock” Johnson? From the tech titans of Silicon Valley like Tim Cook, Jeff Bezos and Evan Spiegel, to the heads of Harvard and MIT? From “liberal interventionists,” such as Bill Clintonand John Kerry, to liberal capitalists, such as Lloyd Blankfein and Michael Bloomberg?
Dear Saudi Crown Prince Supporters: Your Hero May Allow Women to Drive, but He’s Also a War Criminal
To be clear: I did not expect those of you who are members of the Trump administration, the defense industry, the oil industry or, for that matter, the Bush family, to do anything other than flatter and fawn over MBS on his recent visit to these shores. But what of you liberal apologists for the Saudi dictator-in-waiting? Why did so many of you fall over one another to get a meet-and-greet with MBS? From major Hollywood bosses like Brian Grazer and Bob Iger, to Dwayne “The Rock” Johnson? From the tech titans of Silicon Valley like Tim Cook, Jeff Bezos and Evan Spiegel, to the heads of Harvard and MIT? From “liberal interventionists,” such as Bill Clintonand John Kerry, to liberal capitalists, such as Lloyd Blankfein and Michael Bloomberg?
Brando
Active Member
Corruption is no small part of the problem. Some countries try to avoid the corruption.
Norway for example - probably the least corruption. So I see the corruption as the curse - money can and often does corrupt all. Drugs for example. OK, it is depressing to think about all the ways we screw up.
Cod are gone from Grand Banks in Canada and now it seems they are managing to kill off the Frazer River Salmon run (sadly Norwegian Atlantic Fish Farms).
So consensus seems to be building that the "shooting down of a toy drone" back in April was actually a failed coup and that MBS was shot twice in the altercation at a Riyadh palace.
Where’s Mohammed bin Salman? Not dead, according to Saudi Arabia
So what multi-national corporations are headed to Saudi Arabia to set up shop and diversify this economy? What investors(other than China) are going to buy into this IPO?
Seems as though things may be coming rapidly to a head. If Brent drifts back down to $60 in September and stays that way, the end might come sooner than thought possible.
Where’s Mohammed bin Salman? Not dead, according to Saudi Arabia
So what multi-national corporations are headed to Saudi Arabia to set up shop and diversify this economy? What investors(other than China) are going to buy into this IPO?
Seems as though things may be coming rapidly to a head. If Brent drifts back down to $60 in September and stays that way, the end might come sooner than thought possible.
2.5 years later and the IPO is dead. Now the plan seems to be forcing Aramco to buy a petrochemical company owned by the sovereign wealth fund. A shaky plan at best.
Aramco’s Next Plan To Raise Billions Of Dollars | OilPrice.com
Spending(and deficts) are still through the roof, almost to the point where bond markets may have to think twice about ability to repay. What happens to the global economy when Saudi Arabia can no longer borrow money?
Aramco’s Next Plan To Raise Billions Of Dollars | OilPrice.com
Spending(and deficts) are still through the roof, almost to the point where bond markets may have to think twice about ability to repay. What happens to the global economy when Saudi Arabia can no longer borrow money?
SageBrush
REJECT Fascism
The IMF has pegged breakeven at $80-85/barrel for the Saudi's to breakeven. Probably a generous estimate considering their 2019 budget is projected to rise 13% over 2018 to $295B. Then there's the off-budget war in Yemen.
US shale production growth shows no signs of slowing and is eat up all marketshare left hanging by OPEC+R production cuts. With rumblings of discontent in Russia, this minimal level of cooperation may not even last until the summer. We should start to see "every gal for herself" behavior from oil producing nations as even they acquiesce to the reality of near term peak oil demand. That could drive brent even lower for 2019/20.
The IPO has failed. The $40B bond issuance to "buy" SABIC was initially rejected by US/global banks and is still teetering. The $10B effort to diversify the Saudi economy into finance has failed completely due to lack of interest....and that was before they kidnapped every wealthy Saudi in a $100B shakedown.
If bond issuance isn't an option past this time next year, and domestic discontent requires more and more spending, what's the next step?
US shale production growth shows no signs of slowing and is eat up all marketshare left hanging by OPEC+R production cuts. With rumblings of discontent in Russia, this minimal level of cooperation may not even last until the summer. We should start to see "every gal for herself" behavior from oil producing nations as even they acquiesce to the reality of near term peak oil demand. That could drive brent even lower for 2019/20.
The IPO has failed. The $40B bond issuance to "buy" SABIC was initially rejected by US/global banks and is still teetering. The $10B effort to diversify the Saudi economy into finance has failed completely due to lack of interest....and that was before they kidnapped every wealthy Saudi in a $100B shakedown.
If bond issuance isn't an option past this time next year, and domestic discontent requires more and more spending, what's the next step?
Brando
Active Member
You Won't Believe What Saudi Arabia's Oil Production Cost Is -- The Motley Fool
Cost of Oil Production by Country - knoema.com
This source show cost for Saudi + $100/barrel
I'm not sure who to distrust more - Saudi, Big Oil, International Banks (IMF, Federal Reserve - nothing federal, but a baniking cartel started by JP Morgan) or Wall St. </rant>
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