QUOTE(azraeil @ Jun 30 2013, 07:10 PM)
Short answer .... NO. We are still producing close to 10 million barrels of oil per day (that's close to 20 times what Malaysia is currently producing) and there is a lot more in the ground. We have been producing at this rate close to 20 years ... giler ... The problem is that the domestic consumption is growing at an extremely fast rate and there are analyst (you can google Saudi Arabia domestic oil consumption) and you get some scary prediction ...
The thing is ... the harder it is to find the oil, the higher it is the company will pay you (as the price of oil will spike). Fundamentals of Supply and Demand in Economics 101.
Wow, 10 million barrels of oil or 10 million of equivalent oil per day? Hehe. How much is their estimated total reserve? 50 trillion? That's staggering!The thing is ... the harder it is to find the oil, the higher it is the company will pay you (as the price of oil will spike). Fundamentals of Supply and Demand in Economics 101.
Jun 30 2013, 07:33 PM

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