{"id":5760,"date":"2015-06-05T15:33:23","date_gmt":"2015-06-05T14:33:23","guid":{"rendered":"http:\/\/www.theoillamp.co.uk\/?p=5760"},"modified":"2015-06-05T16:08:07","modified_gmt":"2015-06-05T15:08:07","slug":"one-thing-we-have-learnt-this-week-saudi-oil","status":"publish","type":"post","link":"https:\/\/www.theoillamp.co.uk\/?p=5760","title":{"rendered":"One thing we have learnt this week- Saudi oil"},"content":{"rendered":"

\"saudi<\/a>The New York times has discovered something very interesting this week about Saudi oil and global energy prices.\u00a0 One of the big mysteries about the current low oil price is why the Saudis keep pumping the stuff.\u00a0 After all they have never behaved this way before, always wanting since 1973 to cut production to maintain higher prices.\u00a0 Even when oil hit an all time high in 2008 they didn’t really make serious production cuts.\u00a0 It even more surprising when analysts have needed the Saudis need much higher oil prices than than they are at the moment.\u00a0 Whilst much of Saudi oil from mature fields is very cheap to produce (probably less than $10\/barrel) the Saudi economy<\/em> is reliant on high prices.<\/p>\n

Various theories have been doing the rounds for this reluctance to cut production I’ve reported on these<\/a> and advanced a few<\/a> of my own.\u00a0 It looks like the NYT<\/a> may have come up with the answer.\u00a0 Its not Saudi oil, but gas that is the reason.\u00a0 Outside the peak oil community there has been little attention given to the fact that the Saudis are using much more of the oil they produce themselves.\u00a0 Their population has grown and with it their affluence.\u00a0 The Saudis use oil and in particular gas for much of their electricity generation.\u00a0 According to the BP statistical review of world energy they use all the gas they produce (graph above).\u00a0 This gas which as in so many fields overlies the oil.\u00a0 Its difficult to produce one without the other and in this case the Saudis are stuck- locked into a fossil fuel dependence they have done so much to create.<\/p>\n

Neil<\/p>\n","protected":false},"excerpt":{"rendered":"

The New York times has discovered something very interesting this week about Saudi oil and global energy prices.\u00a0 One of the big mysteries about the current low oil price is why the Saudis keep pumping the stuff.\u00a0 After all they … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[29,118,17,3],"tags":[74,34,57],"class_list":["post-5760","post","type-post","status-publish","format-standard","hentry","category-energy-costs","category-oil-prices","category-one-thing-we-have-learnt-this-week","category-peak-oil","tag-energy-costs-2","tag-oil-prices","tag-peak-oil-2"],"yoast_head":"\nOne thing we have learnt this week- Saudi oil - The oil lamp - shining God's light on peak oil<\/title>\n<meta name=\"description\" content=\"The New York times has discovered something very interesting this week about Saudi oil and global energy prices.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theoillamp.co.uk\/?p=5760\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.theoillamp.co.uk\/?p=5760\",\"url\":\"https:\/\/www.theoillamp.co.uk\/?p=5760\",\"name\":\"One thing we have learnt this week- Saudi oil - The oil lamp - shining God's light on peak oil\",\"isPartOf\":{\"@id\":\"https:\/\/www.theoillamp.co.uk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.theoillamp.co.uk\/?p=5760#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.theoillamp.co.uk\/?p=5760#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.theoillamp.co.uk\/wp-content\/uploads\/2015\/06\/saudi-gas-production-300x228.bmp\",\"datePublished\":\"2015-06-05T14:33:23+00:00\",\"dateModified\":\"2015-06-05T15:08:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.theoillamp.co.uk\/#\/schema\/person\/b6f2831189b0d01294e9672bb540ba6f\"},\"description\":\"The New York times has discovered something very interesting this week about Saudi oil and global energy prices.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.theoillamp.co.uk\/?p=5760#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.theoillamp.co.uk\/?p=5760\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.theoillamp.co.uk\/?p=5760#primaryimage\",\"url\":\"http:\/\/www.theoillamp.co.uk\/wp-content\/uploads\/2015\/06\/saudi-gas-production-300x228.bmp\",\"contentUrl\":\"http:\/\/www.theoillamp.co.uk\/wp-content\/uploads\/2015\/06\/saudi-gas-production-300x228.bmp\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.theoillamp.co.uk\/?p=5760#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.theoillamp.co.uk\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"One thing we have learnt this week- Saudi oil\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.theoillamp.co.uk\/#website\",\"url\":\"https:\/\/www.theoillamp.co.uk\/\",\"name\":\"The oil lamp - shining God's light on peak oil\",\"description\":\"Blogging by Neil and Andy about Peak oil and faith.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.theoillamp.co.uk\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.theoillamp.co.uk\/#\/schema\/person\/b6f2831189b0d01294e9672bb540ba6f\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.theoillamp.co.uk\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/2070f70411f2eab27f08cd0b2332e27e3987c781423ecba6c16b575181ce2a6a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/2070f70411f2eab27f08cd0b2332e27e3987c781423ecba6c16b575181ce2a6a?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\/\/www.theoillamp.co.uk\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"One thing we have learnt this week- Saudi oil - The oil lamp - shining God's light on peak oil","description":"The New York times has discovered something very interesting this week about Saudi oil and global energy prices.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.theoillamp.co.uk\/?p=5760","twitter_misc":{"Written by":"admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.theoillamp.co.uk\/?p=5760","url":"https:\/\/www.theoillamp.co.uk\/?p=5760","name":"One thing we have learnt this week- Saudi oil - The oil lamp - shining God's light on peak oil","isPartOf":{"@id":"https:\/\/www.theoillamp.co.uk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.theoillamp.co.uk\/?p=5760#primaryimage"},"image":{"@id":"https:\/\/www.theoillamp.co.uk\/?p=5760#primaryimage"},"thumbnailUrl":"http:\/\/www.theoillamp.co.uk\/wp-content\/uploads\/2015\/06\/saudi-gas-production-300x228.bmp","datePublished":"2015-06-05T14:33:23+00:00","dateModified":"2015-06-05T15:08:07+00:00","author":{"@id":"https:\/\/www.theoillamp.co.uk\/#\/schema\/person\/b6f2831189b0d01294e9672bb540ba6f"},"description":"The New York times has discovered something very interesting this week about Saudi oil and global energy prices.","breadcrumb":{"@id":"https:\/\/www.theoillamp.co.uk\/?p=5760#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.theoillamp.co.uk\/?p=5760"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.theoillamp.co.uk\/?p=5760#primaryimage","url":"http:\/\/www.theoillamp.co.uk\/wp-content\/uploads\/2015\/06\/saudi-gas-production-300x228.bmp","contentUrl":"http:\/\/www.theoillamp.co.uk\/wp-content\/uploads\/2015\/06\/saudi-gas-production-300x228.bmp"},{"@type":"BreadcrumbList","@id":"https:\/\/www.theoillamp.co.uk\/?p=5760#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.theoillamp.co.uk\/"},{"@type":"ListItem","position":2,"name":"One thing we have learnt this week- Saudi oil"}]},{"@type":"WebSite","@id":"https:\/\/www.theoillamp.co.uk\/#website","url":"https:\/\/www.theoillamp.co.uk\/","name":"The oil lamp - shining God's light on peak oil","description":"Blogging by Neil and Andy about Peak oil and faith.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.theoillamp.co.uk\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.theoillamp.co.uk\/#\/schema\/person\/b6f2831189b0d01294e9672bb540ba6f","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.theoillamp.co.uk\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/2070f70411f2eab27f08cd0b2332e27e3987c781423ecba6c16b575181ce2a6a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/2070f70411f2eab27f08cd0b2332e27e3987c781423ecba6c16b575181ce2a6a?s=96&d=mm&r=g","caption":"admin"},"url":"https:\/\/www.theoillamp.co.uk\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/www.theoillamp.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/5760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.theoillamp.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.theoillamp.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.theoillamp.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.theoillamp.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5760"}],"version-history":[{"count":12,"href":"https:\/\/www.theoillamp.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/5760\/revisions"}],"predecessor-version":[{"id":5773,"href":"https:\/\/www.theoillamp.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/5760\/revisions\/5773"}],"wp:attachment":[{"href":"https:\/\/www.theoillamp.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.theoillamp.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.theoillamp.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}