Top: Rig count in Saudi Arabia from Baker Hughes. Bottom: Average production index constructed from five estimates of Saudi Arabian oil production, Jan 1995-Feb 2007, together with OPEC quotas at the time, together with OPEC quota. Click to enlarge. Source: US EIA International Petroleum Monthly...
oil companies were looking back at prices of over $100 per barrel in 2013. They were saying that $100+ prices were too low to provide adequate funds for reinvestment in new fields. Now prices are in the $65 range, which is even farther below the desired level. ...
Those who thought that world oil production would peak in 2005 have been proven to be wrong. But so, too, were those who thought the run-up in oil prices of the last decade would be a temporary disruption until we found a way to return to the world as it had been for a century up...
The exceptions to this group think have carved out for themselves a new niche in media and cater to people who for one reason or another see thru some of the smoke and mirrors and want to hear stuff that reinforces their OWN interpretation of the facts. Ron has carved out a niche of ...
Results show that Middle Eastern and North African countries’ GDP, as a measure of foreign income, and Saudi Arabia’s non-oil GDP, as a measure of production capacity, have statistically significant positive effects on Saudi non-oil exports in the long run. The real effective exchange rate ...
Thus, we need to refine the obtained cointegration results to make them consistent with both economic theory and the stylized facts of the Azerbaijani economy. To this end, we need to investigate all the variables in the analysis. We should start first with the capital stock variable as it ...
I suggest that this is likely to place severe political strains on Saudi Arabia within a year or two at most. I also looked at the question of whether there is any evidence for the idea claimed by OPEC that the Saudi's deliberately cut production starting in November. Specifically, I const...
Russia, with Saudi Arabia either in the oil price war or better still bankrupt, benefits either way, and sees its influence in the Middle East grow further
In the second move of the operation, Kissinger helped negotiate a deal with Saudi Arabia: In exchange for US arms and military protection, the Saudis would price all their future oil sales in dollars and recycle those dollars through treasury purchases via Wall Street banks. The deal was a ...
By the same token there is not likely to be any great increase in their production either. Every nation there, including Saudi Arabia, is producing every barrel they possibly can. Kuwait and the UAE have had huge infill drilling programs going for several years now and that has increased ...