See attached Saudi output 9.8mpd for October, unchanged from Sep

The question remains, are they at their limits?

10 Responses

  1. “See attached Saudi output 9.8mpd for October, unchanged from Sep

    The question remains, are they at their limits?”

    That could soon be a moot issue.

    http://www.dallasnews.com/business/columnists/jim-landers/20121030-will-the-u.s.-lead-the-world-in-oil-production.ece

    “The forecast showing the U.S. eclipsing the Saudis and the Russians comes from the U.S. Energy Information Administration, a branch of the Department of Energy. EIA shows “total oil supply” in the U.S. at the end of 2011 neck-and-neck with the Russians and closing in on the Saudis.
    EIA’s data shows the Saudis finished 2011 with an average of 11.153 million barrels a day of oil production. Production in the U.S. was 10.141 million barrels a day.”

      1. @WARREN MOSLER,

        OK. Assuming the U.S becomes a net exporter of oil/nat gas, it will reduce the trade deficit by that much. By extension it also means that the federal budget deficit can also be that much smaller….. yes?

  2. If 10 or 11 mln bbls is their capacity, they have been going full tilt since the Arab spring. Their currency is pegged to the dollar isn’t it? When they radically increased fiscal spending, they had to increase production, didn’t they?

    I’m curious to see if they rein in production after the election to manage growing inventories round the world amid soft prices.

Leave a Reply