Is the Abbey World always getting a lot of oil?

Officially, Venezuela has the largest oil reservoirs in the world with 303 billion barrels of certified museums. However, much of this oil is a huge oil oil, and it may not be economically to do at current prices. So, some Venezuelan barrels may not be truthful now in the "security declaration" section.

Note that Venezuela's confirmed confirmation of security of 80 billion barrels in 2005 increased to 300 billion barrels in 2014. Many of the new oil traces did not grow; main reason for that. No, the fact is that oil prices have reached trips, and, Ensuring heavy oil in Venezuela. In other words, "resources" (the oil in the ground) were moved into the "certified security" section (economically oil to be done).

On the other hand, Saudi Arabia accounted for 264 billion barrels of certified museums in 2005, and 267 billion barrels in 2014. Arabs' soldier barrels were deemed to be " even before even the oil prices collapsed. For that reason, I am thinking of Saudi Saudi's declared security – 16 per cent of the global integrity – being so important to the world oil market.

But there are doubts about what Saudi Saudi resources have continued for years. In 1982, Saudi Arabia stopped trying to check the oil and gas data. Previously, some outside people had access to information about their resources. When closing this reach, 166 billion barrels of oil resources were estimated.

However, about 1988, Saudi estimated the estimate of the probationary resources with 90 billion barrels. Many pundits have been suggested that this up-to-date review is based on politics within OPEC. Since the reserve was no longer subject to external inspection, there was much disagreement about the official numbers released by the Saudis.

The suspicion was deepened when one thought that there were 260 Saudi soldier soldiers in 1990, and today – almost 30 years later – they say they have 266 billion barrels. At the same time, Saudi Arabia gave over 100 billion barrels between 1990 and 2017. How would their resources be completely unchanged? Related: Is Ocasio-Cortez right to erase nuclear energy?

In preparing for an IPO possible, Saudi Saudi Saudi Arabia Saudi Arabia commissioned Saudi Arabia's commissioner to commission outside of the resources that were proven. The external survey found that there were at least 270 billion barrels proven to prove Saudi oil resources.

But there are still reservations. For example, write the oil economist, Dr. Mamdouh G. Salameh, a former Professor of Energy Economics at ES Business Europe Europe, London:

I count the Saudi resources based on the Saudi production of oil search in 1938 to date (with our numbers) and its; provides an annual level of reduction of Saudi academic areas that yield 5% to 7 per cent for the same figure period of 70-74bb of remaining resources. My figures are more or less according to other experts. "

I did similar calculations. I started with the idea that the 1982 estimate of 166 billion barrel was correct, and then I then removed Saudi output. I measured the overall representation from 1982 as ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

However, I then did a proper investigation that threw this account in doubt. I made the same calculation for the vital resources that the US made over the same time frame.

In 1982, it was reported that there were 35 billion barrels in raw oil resources. By 2005 – and before the oil fishing was going on, U.S. resources were not essential has dropped to 30 billion barrels. However, U.S. Total of 1982 and 2005 77,000 barrels.

If we expand this calculation by the end of 2017, US guaranteed resources have leaked 50 billion barrels (according to the BP Statistical Survey 2018), and there are 117 billion barrels of US production since 1982.

For recitation again, in 1982, US raw oil security certified. at 35 billion barrels. From then on to 2017, the US created 117 billion barrels of oil, but a 50,000 barrel probation archive grew. Related: Can Ukraine Exercise Energy Independence?

How did this happen? There were new searches, technological developments that allowed more barrels to be taken out of their areas, and higher prices that brought more economic resources to attract.

I think it is reasonable to think that Saudi Arabia was also in a position; get extra barrels since 1982. They also have the same technology that has developed revival in US areas … So I do not believe it's a valid exercise. In order to consider a reduction from the historic conservation number to estimate current resources. Such a exercise would have been suggested that the oilworks SA would have fallen to zero by 1991.

So, I do not find a reasonable basis for a & # 39; Decides that Saudi Arabia resources are much lower than their official number. Their published reservoirs are consistent with the independent study, and are consistent with the knowledge of the US in a steadfastly sustainable development despite a large amount of oil.

If you do not think the U.S. completely unusual, you can repeat this exercise to any of the world's leading oil producers and find the same. It does not start with the reserved assets in 1982 and to # 39; subtract the following product to accurately predict the stored sources at any time in the future. In many cases – as it was with the US – there was a gradually higher representation than a number of reserved assets in 1982.

So, so far, I have no good reason for doubting the official numbers of Saudi Arabia.

By Robert Rapier

More of the best efforts from

Source link