Why Are The Saudis Canceling A Major Oil Expansion Plan?
The Saudis are worried about oil demand. Or maybe they're trying something new to prop up prices which steadfastly refuse to sustain a war premium.
The monarchy on Tuesday ordered Aramco not to proceed with a plan to boost capacity to 13 million barrels per day from the current 12 million.
The directive, revealed in a curt press release, marked a rather stark turnabout when juxtaposed with the rhetoric from CEO Amin Nasser in March of 2020, when the (now canceled) plan to boost the Kingdom's m
I wonder if the oil coming out of Guyana has anything to do with this decision.
could they be less optimistic about the supply picture?
maybe they know just how much (or little) more oil they have and want to stretch out their glory days?
Art Berman is a petroleum geologist with 36 years of oil and gas industry experience. Here are a couple of interviews on what’s going on with oil. Can’t remember if he covers the middle east but definitely does the US.
Arthur Berman “Shale Oil and that Slurping Sound”
https://www.thegreatsimplification.com/episode/101-art-berman
Arthur Berman “Oil: It was the best of fuels, it was the worst of fuels.”
https://www.thegreatsimplification.com/episode/03-arthurberman