Saudi Arabia Is Probably Lying About Their Oil Reserves
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- Опубликовано: 22 май 2024
- Saudi Arabia is the richest Middle Eastern country in the world. This is all thanks to their massive oil reserves which have taken the country from a desolate wasteland to a thriving desert oasis. Their flagship company, Saudi Aramco, is worth about $2 trillion and they generally pull in some of the largest profits in the world. With all the wealth Saudi Arabia has gotten through oil in the past 100 years, they’re definitely not going anywhere anytime soon. However, we may not be able to say the same thing about their oil reserves. You see, there are actually a lot of red flags that are pointing towards Saudi Arabia lying about their oil reserves. Right after Saudi leadership took over Aramco in 1988, Saudi Arabia’s oil reserves suddenly jumped by 90 billion barrels. Not to mention, their reserves have stayed constant ever since despite having pumped out nearly 100 billion barrels of oil in the past 30 years. This means that Saudi Arabia has discovered 200 billion barrels of oil since the Americans left the country. Some high-level oil officials from Saudi Arabia have also been suggesting that their oil reserve figures are sketchy, to say the least. The purpose of all of this would be to keep the rest of the world dependent on Saudi Arabia for as long as possible because that is their biggest negotiating chip. This video explains why Saudi Arabia may have been lying about their oil reserves and why Saudi Arabia may run out of oil way sooner than we all think.
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Timestamps:
0:00 - The Evolution Of Saudi Arabia
1:23 - Sketchy Data
5:04 - Why Lie
8:38 - The Countdown
11:04 - The Future Of Saudi Arabia
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"My grandfather rode a camel, my father rode a camel, I ride a Mercedes, my son rides a Land Rover, and my grandson is going to ride a Land Rover…but my great-grandson is going to have to ride a camel again." - Sheikh Rashid, founder of Dubai.
🤦♂️🤦♂️🤦♂️🤦♂️
ngl oil is like the soul of SA
they need to act fast or they will end up in a very bad situation
Wait why is that ?
Dubai don't live on Oil Abu Dhabi do
I think he ever said those words, even if he said he was pessimistic about future.. but god UAE has transferred into more then oil producing nation it's a tourist hub , and coming to Saudi Arabia, oh god they got mecca and madina.. every muslim(nearly 2 billion) would want to visit those places once in life time... They are safe for sure..
Since my childhood, "Saudi/World oil is going to be depleted in X years" was a common theme. I started to ignore such discussion 10 years ago.
I guess Fusion energy isint the only running joke.
(From Uruguay) Same here. I am 45 and I have heard Saudí Arabia will run out of oil a hundred times.
@@furanduron4926 I guess you aren't the only running joke
Because in the meantime, the biggest user - US stopped needing Saudi oil and became an exporter. Other countries still have vast untapped reserves (Venezuela/Russia). Its not supply - its demand. KSA is still the cheapest per barrel producer and natural gas demand growth is rising while oil is flat or falling (albeit at a slow rate). The biggest oil consumer is now transport - electrify much of Europe/US/Japan/China and the demand falls even faster. Few use oil to make electricity and these are the largest car markets.
We got time yet. 2055!
I worked for Aramco in the 80's. We forecast 30 years of production. Saudi has pumped all the reserves we knew about. We had horizontal and precision drilling but we didn't have fracking (we did use steam and water but I wasn't involved) and we had a reservoir management system running on a mainframe. My belief is that Aramco would only sell shares if they believe that the reserves are running out.
For those dumb enough to buy🍪
There is some evidence that some of the Saudi fields have become damaged and water logged by impatient extraction methods .
@@iaov I have heard that too, which is extra funny because nowhere else on earth is it easier to extract oil.
Look, folks, let me tell you, nobody knows oil reserves better than me. Believe me, I worked for Aramco in the 80s, and I saw things that nobody else saw. We were forecastin', we were drillin', we were doin' it all. We had this incredible reservoir management system runnin' on a mainframe. It was like nothin' you've ever seen before, believe me.
But here's the thing, okay? Saudi has been pumpin' those reserves like there's no tomorrow. They've been goin' at it, day and night. And let me tell ya, we knew about those reserves. We had 'em all figured out. But now, they're runnin' low, believe me. They're runnin' low.
And that's why, folks, Aramco is sellin' shares. They know, just like I know, that when the reserves are runnin' out, you gotta cash in. It's like sellin' those Trump steaks before they go bad. Aramco ain't doin' this for fun, okay? They're doin' it 'cause they're smart, they're business-minded. They know the game.
So, mark my words, when Aramco starts sellin' those shares, it means one thing and one thing only: the reserves are runnin' out. And I'll tell ya, nobody knows reserves better than me. Nobody. So, don't let 'em fool ya with all that fancy talk. They're sellin' 'cause they're runnin' low, and they want to get out while the gettin's good. It's as simple as that, folks.
@@jackryan1809 India's andman are super middle east
I was around in the 70s when the experts said Saudi oil would run out by the end of the decade
Sounds similar to "China is collapsing this years/decades" type of expert claim
@@choigold5094 *Peter Zeihan enters the chat.
And polar ice would complety melt by year 2000.
@@choigold5094 Yup or India will be a superpower in 5 years whilst still having hundreds of millions of citizens even in 2022 living in crippling poverty.
its the experts job to report on issues and then its the governments job to resolve the issue, the fact that it didnt happen means everyone simply did their job. to boil down your comment everything you are saying is you are above 60 years old. ok congratulations with that.
OPEC had rules saying the amount each member could sell would be based upon the proven reserves. Saudi wanted to sell more oil so it had to "prove" it had a lot more oil in reserve but they also decided it would be a national secret. That is why the amount suddenly went up.
But why aren't anyone checking the reserves then?
@@roystondaniel2849 this private company national. Shareholder only care about profit not oil.
@@roystondaniel2849 They kinda are, Saudi Aramco may want to go public, so they got these dudes from DeGolyer and MacNaughton to verify. For now it seems they agree with the original estimates, but it's not like I have all the details on what data they got independently, what are they relying on the Saudis for. Not to mention any foul play that may be in taking place. The posted video comes somewhat one dimensional, without even trying to post arguments of the other side, but it is, what it is.
TIL
Yeah exactly, so they are all pretty much lying about how much oil they really have. Having said that I am sure the OPEC+ have way more oil than any else. Europe is deleted, China and other East Asian countries rely on imports and the US is just pumping enough for itself possibly at the bottom of the barrell.
Since the 80s technology has changed that allows oil to be recovered that was not accounted as recoverable oil reserves. The Oil Sands in Canada have well over 1 trillion barrels of oil but oly 150 billion barrels are able to be recourved.
this video is absolute cap and i can prove it
ruclips.net/video/L5MrmOEZLDY/видео.html
I was wondering about this sort of thing. The term fraking comss to mind. A tech they didnt have some time ago and it allows access to different pockets of natural gas. Iirc.
Why wouldnt there be some advancements in getting oil out of the ground?
Correct
IS ALLAH AFRAID OF ISRAELI MISSILES? STAY AWAY FROM ISLAM
@@davidburnett5049 Oil is a different substance
It's important to understand that estimates of recoverable oil are based on the technology available at the time.
Over the past 15-20 years, horizontal drilling, precision drilling and fracking have allowed for the recovery of far more oil and gas than what was available prior to 2005. Fracking is not possible nor worthwhile in every location, either.
I dont believe the hyped news stories about a fracking revolution. This technology was used in the 1950s. The graph of oil and gas output from fracking is far too extreme to be sustained in the US. The wells peak fast and deplete rapidly and are fairly high cost. The frackers don't seem to be so keen on expanding output now .The weaknesses probably explain why conventional oil fields were preferred by the oil majors
@@Marvin-dg8vj there is trillions of oil its hard to get it deep
Fracking is used on shale reserves. As i understand fracking isn't necessary in the middle east.
@@sjdhrjrjejdhdhsh which probably explains the low cost per barrel unless the fields are very old
@@sjdhrjrjejdhdhsh its were ever it works or is profitable
Oil in the ground does not suddenly run out, like a bottle would. As an oil well nears depletion, its output peaks and starts declining. This is also true for the output in an oil field, and generally for a nation as well. These are all reversible with improved technology - USA output peaked in the 70s, before recovering due to fracking.
The fact that SA keeps their output stable suggests they are not yet peaked. Even if they peak tomorrow, or we see that they actually peaked a few years ago and managed to cover it up, this still means they have many decades of lower output.
Yes but is the potential for Fracking not very dependent on local condition?. So fracking requires a lot of water, for instance, so it would be tricky in a desert environment.
could not agree more....this guy is using estimates based on 1930s and 1970s technology saying "it doesn't;t add up",,,,,of course it doesn't....completely backwards
@@MrBobsmith34 I wish they used water for fracking…
When an oil field reaches declining pressure (half the reserve), they simply pump sea water into the reserve in order to increase pressure. That is how SA has been maintaining production for the past decade.
In the oil peak graphic, SA has artificially generated a plateau , it will most likely (more than rise) decrease production in the near future.
@@MrBobsmith34 I don't think that SA has oil shale, like North America has.
Not true
I work as a geologist at Saudi Aramco. In the past decade we found so many new fields with huge reserves. In hafuf or even near Qassim. From 2019 we were asked to stop searching for new onse For political reasons.
Final word : Saudi Arabia is a big country there are oil where ever we drill. I wish we had th same in my country
I'm just assuming for political reasons lol. I have no idea why.
@@Scatteril It does make sense. Producing more than the current demand would decrease the oil prices. Its more profitable that way
@@funnykuwaitistrawberryelep3674 funny Kuwaiti strawberry elephant
@@IbnWobbler yes
Doesn’t matter if your country has oil. It depends on your government to determine if you will be oil rich. Case in point: look at Venezuela.
In the early years of the oil industry, recovery of 5% was considered the rule of thumb. But over the years, as technology advances, recovery rate improved to 15%, to 30% and now with enhanced oil recovery, it could reach up to 50%.
The presumption is that fracking tech can unlock way more expensive oil reserves and while that is true, the cost is higher and that only works if credit is cheap to keep opening up new wells while the price remains high to recover the cost and inflation stays low or acceptable. KSA does some limited fracking Saudi Arabia. As we can see from Europe, its natural gas to run industry and heat homes and run gas turbines to make electricity thats the vice grip. Cut transport fuel use and you cut oil demand instantly. Higher airfuel costs does not impact most economies (bar tourism dependent island nations), bunker oil remains the shipping fuel and it only has one real customer - shipping. Plastics has always been oils backup customer but we are seeing early use of non oil plastic (or no plastic) and higher energy costs make plastic using customers look at alternatives. If we take US fracking firms at present - they have the high oil price (while the war continues in Ukraine) but rising credit costs/inflation and Wall st wants its money back not promises
Whats needed is chemicals, water and a known bedrock and low water tables. Droughts and water scarcity cuts water availability. Chems have a nasity tendency to backfire/injure workers and resurface and climate change means droughts and intense rainfall and all that water can join up with your injecting. Alternatives like C02 injecting has merits but C02 can often just seep back up. If fracking worked in offshore rigs, we would have seen it happen at scale considering the cost of initial well development and existing infrastructure . Fracking also needs repeated well development and that means lots of regular cheap capex cash up front.
And it all comes with a cost.
-own pressure
-gas lift
-pumps
-water injection - water flooding
-gas injection
-tenside flooding
-steam flooding
-flooding with viscosity enhancer
and what not.
@@stephendoherty8291 Americans start squealing at $5 Gas, how will they take to paying the amounts needed to unlock all this 'more expensive oil'? A series of intensifying demand-destructive recessions was my prediction.
@@nickoutram6939 they wouldn’t. We started seeing demand destruction occurring at the $5 a gallon level. There’s a big chunk of the American population that wouldn’t be able to afford the price levels needed for the higher cost oil deposits. Until the lower cost oil is used up it’s not going to be feasible for the higher price oil extraction. Even then there would be a big shift in mass behavior in the usage of gasoline and oil products in the U.S. and possibly other countries as well
I would recommend getting your peer review your video with a petroleum engineer. While It is difficult to know the trust level of Saudi's published reserves, the logic and reasoning in this video are full of flow and naive.
India k paas saudi se jyada oil hai. Andaman me super middle east hai.
Afsos vaha se ek gram oil nahi nikala
I quit half way into the video. Never once is the possibility raised that the Saudis found new oil reserves through improved seismology technology or any others.
Some things I didn't see you touch on include technology advancing, and the political climate behind the oil production of Saudi Arabia. Part of the jump may be due to a new method of extraction or refinement, with less consideration of the environmental consequences of the extraction methods, meaning they can draw the wells more deeply than they were able to in the early days. There is also pressures by OPEC and other agencies as well. I would only assume that the oil extraction and processing technology has only advanced, possibly at a faster rate than is allowed to elsewhere.
Due to how some forms of renewable energy aren’t always reliable (such as not always having enough sunlight for solar panels or enough wind for turbines), and how nuclear energy has become a lot safer over the years, nuclear power plants might be a better way to go than renewable, at least for a sizable portion of the energy market.
There are countries who have always sun and wind. There is the tech being developed where solar panels harvest infrared at night time.
It's a question of improving the tech and willpower.
Nuclear is too government dependant and not a solution for a lot of countries (earthquakes).
Too many people oppose having nuclear plants in their backyard, which is part of why some nuclear plants have been shut down early.
Levelized cost of energy. look it up.
Nuclear power costs to much. Otherwise, if it made sense with costs, every utility would be building nuclear power plants. Utilities know the costs are to high.
VC Hammer nuclear power plants. filed for bankruptcy after spending billions.
Vogtle nuclear power plants. Just recently finished for 30 billion.
Solar power and wind power are the way to go for bulk electricity. When the sun comes up in the morning on a sunny day, all electricity should be from solar power plants that are not made from nuclear and wind.
Natural gas is to important to use for bulk electricity. Only use it to keep the electrical grid running. Bulk electricity from solar and wind power plants.
@@ronaldlindeman6136 nuclear power costs too much because of the absolutely insane government regulations and red tape
While I think SA is lying about their oil reserves, I also don't believe they will expire within the next 20 years.
Yep agreed
this video is straight cap and i can prove it
ruclips.net/video/L5MrmOEZLDY/видео.html
@@LogicallyAnswered Nah... You just wanted to get viewers. At least why don't try another oil rich country, why pick Saudi Arabia.
IS ALLAH AFRAID OF ISRAELI MISSILES? STAY AWAY FROM ISLAM
@@FitraRahim why not?
Some incresse in reserves are legitimate due to changing technology that makes more oil accessable, such as pumping sea water into fields to increese pressure.
Also the main reason to overstate reserves is to incresse leverage in OPEC itself, as the allocation of production is based on reserves, we saw reserve inflation in all OPEC nations right at the same time and then freezes in thouse numbers, effecticly OPEC members decided on a truce and to freeze the allocation numbers by freezing their reserved numbers.
The late Matt Simmons wrote a book about this in the early 2000s called Twilight in the Desert. He took whatever publicly available data he could find to make the argument that SA was on it's way down in oil production soon. I wonder what he would say if he were still around.
This video ignored 2 major factors: estimation could be inaccurate & there are way improved technology in extracting the oil. Anyone who worked in an oil industry knows this information.
Also the video failed at explaining "why they're lying" because it doesn't makes much sense to lie if you want to keep the prices high. And moving from oil as a source for economic growth is always a better solution than staying the same. Everyone know the Oil will deplete one day, developing economy away from it is the right move because that takes alot of time.
It's obviously clickbait
The video explains why you would play the reservs up, especially when going public with Saudi Aramco. The 50% spike after the Americans left is reason enough to question the numbers. The prices are made by supply and demand, not future availability.
I tottaly agree that this video presented only one side of the argument, without even touching at least some of the explanations and evidence for the data posted by the Saudies. But to be fair they tried to make argument of why lie, based on that SA are using their reserves as a card to get slighly better recognition as a serious player on the international scene. I would also point out that the Saudi goverment, may be somewhat reluctant to tell its own citizens, that things may get worse in 10 years.
sounds speculative.... lots of ifs and there is no real hard evidence...
It takes millions of years of hydrogen and carbon to coagulate down into crude oil.
We extract the crude in comparatively no time.
It won't run dry, but get scarce and more costly to extract.
Further more, technology will advance and petroleum for energy will be passe.
Oil reserves go up and down depending on if it is profitable to actually sell it, since the oil embargo oil prices skyrocketed and therefore what was earlier considered unprofitable to be refined was suddenly profitable and hence added to the reserves, Saudi Arabia has one of most cheapest costs to refine oil per barrel if i remember correctly it was around 8$ per barrel so therefore if oil prices keep going up so will their reserves (up to a certain point obviously)
No , that is true for usa as the the prices go up it will be profitable for USA to sell oil, USA still own the largest oil reserves still, but they stopped mining it few decades back and just siting on it for the Saudi reserves to run out and prices rose so that they can sell their oil. So rising prices are only going to profit USA.
@@bambino2249 bruh, I can promise you the US is producing a lot of oil. We didn't stop decades ago.
@@dgart7434 ya hes talking out of his ass
no, thats not how the calculate reserves, they just look how much is in there.......
8$ per barrel in russia 🇷🇺, 2$ per barrel in SA
Venezuela's oil is "Heavy" to "Extra Heavy Crude." This makes it difficult slurp up from the ground. It is also high in Sulphur i.e. "Sour." The raw crude also has to be blended with lighter oils to facilitate processing. A refinery has to be modified to handle this so the market for this is actually a bit restricted.
Venezuela is a very big Country like every country some oil is heavy some is light this is a myth by their competitors the reality is Venezuela is full of oil and is not heavy at all some is light some is heavy Same as Saudi ...
Except the fact that Chavez ruined the whole Venezuelan oil industry.
@@pablo-oq8is Venezuela needs 10 years of heavy investment to recover pre-communism levels of extraction, the question is, who is going to put 10 years of investment in a dictatorial communism country?
Running out of oil is not the important point here, it's peak production. As pointed out in many of the comments below, reserve revisions are common place in the oil patch. But reserve revisions do not help a "peaked" field. Prudhoe Bay is a great example. The original recoverable number was 10B bbls, it's past that now and there is probably another 2B bbls to be had from the play. It peaked in the late 80's at around 1.5M bbls/d, and today produces around 300K bbls/d. They have thrown every enhanced recovery method in the book at the field, to no avail. Production continues to decline, regardless of continued upward reserve revisions. Aramco has announced an increase of their capex to drive total "sustainable production to 13M bbls/d by 2027
"Saudi Aramco will keep raising capital expenditure until the mid-2020s as part of its strategy to
raise oil production capacity to 12.3 million barrels per day by 2025 and to 13 million b/d by 2027,
the company's top executive said.
"We are progressing very well in our increase of capacity," Aramco CEO Amin Nasser said on a
media call Sunday after announcing second-quarter results.
Nasser said the capacity increase from the present level of 12 million b/d would be gradual, with
maximum sustainable capacity rising to 12.3 million b/d in 2025, 12.7 million in 2026 and 13 million
b/d by 2027.
To support the capacity hikes, among other developments, Aramco is allocating capex to the tune of
$40 billion-$50 billion this year, which will increase from 2023 until 2025, Nasser said.
"There will be an increase year on year to meet our growth, not only in oil - in oil and gas, and
hydrogen, crude to chemicals," he said.
Capex rose 25% to $9.4 billion in the second quarter and by 8% to $16.9 billion during the first half
of 2022, compared to the same periods in 2021, Aramco announced on the earnings call."
There was a forum called “The Oil Drum” . There was one post about Saudi oil where one person was discussing this, and in particular why all the wells are on one side, and some are already sucking water. BTW, the well is balanced with clean water to maintain pressure.
Do they use sea water or fresh water?
@@baz1184 Desalinated sea water. You can’t use just sea water. Look up what happened to Iraq’s reserves
Interesting!
There’s a reaseon why it’s called “Estimate”
And don’t forget “the old expert” expect the US should have run out of oil in the 70’s,
this video is straight cap and i can prove it
ruclips.net/video/L5MrmOEZLDY/видео.html
Meh... in 2015 or something, some "expert" also says, Saudi Arabia could run out Oil in 5 years from now.
Meanwhile oil production right now :
IS ALLAH AFRAID OF ISRAELI MISSILES? STAY AWAY FROM ISLAM
peak production is different from end of production btw
but yeah, i remember early 2000 "oil would be out by 2025-2030 at best" SURE...
Not run out but peak. And it did. It was conventional oil. Now we are fracking.
Yes I agree with Disposabull I remember as a kid during the formation of OPEC that the status of each country was based on their oil reserves. I think UAE also had a bit of a jump in reserves to also increase their position at the table.
Don't trust Arabs , but trust Americans 🤡🤦
OPEC is wicked. Global monopoly!
Something to remember about reserves of oil is that your talking about economical reserves today. As prices rise or technologies improve there will always, always, be more oil, especially in the middle east. Additionally the trend of that giant oil field group heads all the way to Russia. There's never been a shortage of oil just demand comes and goes...
More global warming, more benifits to Russia.. especially in agriculture and oil reserves
Reservers do increase over time. They're based on being profitable mined. So while the price of the resource increases the reservers will increase
Also, fracking tech has improved.
"Finite reserves increase over time" Have you even passed elementary school ?
What the fuck are you talking about? Reserves do not increase over time, it is finite.
The amount of oil physically present in the ground does not increase. But they could discover more is down there than previously known with better exploration. And more importantly, if price increases and technology improvements make it profitable to extract more of the pie, they can count more of it. For example, you know there's 100 barrels in the ground, but only 50 can be profitably extracted, your reserves are only 50 barrels. If price increases means that you can profitably extraxr 60 barrels, your reserves have now increased by 10 barrels.
So, if oils rising price increases reserves due to economic viability, where are the drops in reserves due to oils falling price making them uneconomically viable?
The key tell that they’re lying was when they started selling shares in Aramco back in 2019.
If anyone can provide an alternative plausible reason for the sell off, you’re welcome to tell us.
Ah yes, very true
Why bill gates sold shears in Microsoft ?
Why Elon sold Tesla shears ?
@@haider4648 shares* they sold enough to fund other projects and they aren't a country.
@@haider4648 you’re missing the point.
If my company has 100 gallons of a substance that I can sell for $1/gallon and I sell it all then I end up with $100.
If instead the company has 100 shares and I sell you 1 share for $1. If I then sell all the stock and dissolve the company and distribute the money as dividends pro-rata to the share holdings, you get your dollar back. And I end up with the $1 you originally paid me and the $99 from selling the stock.
I’m no better off.
Now run the experiment again but when I go to my tank there’s been a leak and I now only have 1 gallon.
@@haider4648 Balmer was incompetent and tesla is incredibly overvalued.
They have been telling us that oil is running out since they first discovered it 😅
Nonsense. I have a friend in the oil business. He works there and in other Arab countries. We had a conversation about this very thing about 5 years ago. I was saying that we used to be subjected to the "oil is going to run out' stuff in the 70s. He said it is absolute nonsense. They are floating on the stuff. There is so much they can't keep up with it and more is being discovered every day. Plus in North America we are sitting on probably the biggest deposit in the world and it isn't even being used yet. On top of that the shale reserves particularly in Canada are virtually limitless. There is also a school of thought that the earth actually reproduces oil and it is not from primeval vegetation, that stems from Russia but it is a fairly widespread thought. We are not going to run out of oil anytime soon. The problem is supply is manipulated to keep prices high not a lack of resources.
very true because if the company say the reason they sell at high price was due to low supplies then it could be convenience for them and the public can't blame them or sue the. Where as if they just say they wanted more profit then the public would be mad and will sue them creating unwanted bad media around them, thus damaging their reputation and businesses.
@@khaipinaulak485 SPOT ON !! Well said.
Bulldrops. I doupt you have know anyone in the business since no expert ever said that "oil is going to run out' stuff in the 70s". The concept developed in the 70s by the geophysicist King Hubbert is called Hubbert peak. It means that as the pressure decreases the oil production will eventually reach a maximum and start decreasing as well.
Plus demand for oil is already falling and should crater over the next 10-15 years.
Even in the worst case "only a decade left," demand for oil could drop by more than Saudi production by the time they run low.
@@srfrg9707 'Bulldrops' yourself. I know a lot of people in the oil industry. I'll bet you know nobody. In the 70s it was always we are going to run out. A stupid scare to whip everyone into a panic. It was also "there is an ice age coming". There are your bulldrops right there.
As for the rest of your post I was not talking about a well coming to the end of its life. I was talking about the abundance of oil in general. We are not running out.
Any authoritarian nation should be inherently distrusted when it comes to statistics. It's like the study of light emitted into space by countries and how it correlated with economic improvement. Russia and China's light growth lagged behind their stated data when compared to western countries.
Hahaha, I didn’t know that
This is very interesting
@@LogicallyAnswered sad saudi noises
this video is cap and i can prove it
ruclips.net/video/L5MrmOEZLDY/видео.html
Lol and democracies should be trusted lol.
0:27 mentions Saudi Arabia while showing the Sand Hollow dunes in Utah. But seriously, what a well put together and eye opening video.
Video is all lies an easily disproven with ONE google search.
this video is absolute cap and i can prove it
ruclips.net/video/L5MrmOEZLDY/видео.html
IS ALLAH AFRAID OF ISRAELI MISSILES? STAY AWAY FROM ISLAM
Stock videos for you
As a oil field worker, the only lie here is this video
GPUs have enabled finding resources right below our feet that were previously unknown. Obviously I have no idea, but I imagine advances in technology are outpacing a gradual yearly increase in demand for crude oil.
Fracking means oil that before could not be recovered can be processed. Oil wells that are considered to have run out really have not run out but have reserves that are not easily accessible but fracking has changed all of that.
These experts you keep on quoting, are they the same experts that were writing about peak oil in the early 2000's?
this video is actually cap and i can prove it
ruclips.net/video/L5MrmOEZLDY/видео.html
😂😂😂😂😂😂💯
working in saudi arabia for 15 years now,i can assure you there is still a lot of oil reserved being discoved every year,and it is always on public knowledge.nice content though
What’s the proof. Any links to articles
@@evilsanta8585 ruclips.net/video/juh0_Tyzb4A/видео.html
@@Anonymous-ld7je Most countries spent less on research and exploration, other than Aramco, it expanded
There are some new discoveries eg the Abraq al-Toloul oil field, plus a couple of gas fields (Hadabat al Hajara, and Shadun)... the claimed volumes are all sketchy, and none come close to the older giant fields like Ghawar... which has been providing oil for over 70 years.
Keep believing that propaganda though, bro.
@@BatCaveOz i would never believe in anything you will say bro,your not even here in saudi arabia,and you know nothing at all about whats going on in here🤣🤣🤣🤣🤣
1 reason for the the reserves not decreasin is improvements in teconogys to extract more oil from a well
Love your video!
Saudi Arabia oil reserves were confirmed by an independent US based third party Gaffney, Cline and Associates, part of Baker Hughes and Dallas-based DeGolyer and MacNaughton. This was done ahead of the Aramco IPO, the figure was actually higher than what Aramco reported before (265 B). So please check your sources before you start making baseless videos. Also this figures is only based on conventional extraction methods, use of unconventional resources will extract more oil. It is amazing how many ignorant RUclipsrs are spewing lies in the internet
Thank you, I was going to look this up myself as I would have found it so weird that something so important wouldn't have been audited by an independent 3rd party.
The title questioned if the reported numbers are correct and instead of taking a a worst case scenario for a statement you could rather provide the studies and methods used by US based blah associate of and so on. Considering that US based theranos simply lied and half of the top 4 accountant companies especially EY signed of coocked books (de Santos, Wiredcard) those lawyers confirmation is a bit thin without data behind it.
@@Monsterpala Aramco used an independent third party to verify their reserve figures. This is how any IOC would prove their capabilities to their stakeholders. If now you are saying that even those assessments are wrong then you would have to demonstrate why they are wrong, you made a claim now you need to substantiate it.
@@Monsterpala The fact that you're comparing oil reserves to Theranos, a fantasy technology scam, shows that you probably should do some more learning on this topic.
Yes they running low on oil this why their citizens get monthly checks.
6:30 your argument against them increasing production is wrong. even 0.1% of mismatch between supply and demand can change oil prices by 10%. during covid, oil demand reduced by 5-10% and prices went negative when opec refused to decrease production. Doubling oil production would basically have the same effect, plus other OPEC countries don't let each other change production that easily anyways
No colonel sanders. You’re wrong.
This world is rapidly passing away and I hope that you repent and take time to change before all out disaster occurs! Belief in messiah alone is not enough to grant you salvation - Matthew 7:21-23, John 3:3, John 3:36 (ESV is the best translation for John 3:36) if you believed in Messiah you would be following His commands as best as you could. If you are not a follower of Messiah I would highly recommend becoming one. Call on the name of Jesus and pray for Him to intervene in your life - Revelation 3:20.
Contemplate how the Roman Empire fulfilled the role of the beast from the sea in Revelation 13 over the course of 1260+ years. Revelation 17 confirms that the beast is in fact Rome. From this we can conclude that A) Jesus is the Son of God and can predict the future or make it happen, B) The world leaders/nations/governments etc have been conspiring together for the last 3000+ years going back to Babylon and before, C) History as we know it is fake. You don't really need to speculate once you start a relationship with God.
Can't get a response from God? Fasting can help increase your perception and prayer can help initiate events. God will ignore you if your prayer does not align with His purpose (James 4:3) or if you are approaching Him when "unclean" (Isaiah 1:15, Isaiah 59:2, Micah 3:4). Stop eating food sacrificed to idols (McDonald's, Wendy's etc) stop glorifying yourself on social media or making other images of yourself (Second Commandment), stop gossiping about other people, stop watching obscene content etc. Have a blessed day!
the looming threat of running out of oil has been used to push prices for decades .. why should this be different?
Just because something hasn’t happened in the past doesn’t mean that it won’t happen in the future
@@thomasgolds4585 after countless decades of the same tactic applied .. we are facing "peak oil" for something like a century now .. constantly used to push the oil price a bit .. you should be able to see a pattern .. and tbh .. (what i do NOT think) even if saudi oil ran out .. they're BY FAR not the only supplier and there are very huge fields not even tapped yet, i.e. in venezuela, around the krimea, in the chinese waters, and many more .. it wouldn't be the end of the world .. just bad for saudi arabia
This lines up with what a lot of research that's says most non renewable energy sources will really start to wane after 2050 and be too expensive to retrieve by 2070-2080
Pretty sure all of us are being lied to and that oil will be depleted before 2035
I remember all of the 'peak oil' documentaries from the late 2000s.
We were supposed to run out of oil by now, according to many back then.
We are always at maximum some decades away from the apocalypse, unless we do exactly what a group of totaliterian controll fr3aks want.
In 1970 the US had about 30 billion barrels of proven reserves. 120 billion barrels of production layer we've got almost 40 billion
There is a book 'Twilight in the Desert', that suggested Saudi's running low on oil, but that book was published in 2005! I use to go on a peak oil website back then & members were certain of imminent peak followed by a sharp decline in oil extraction. It didn't happen. Maybe 18 years later is different? Hard to know.
I do feel that the sudden spike in the reserve levels is a bit sus, but the thing about "being unable to pump out higher volumes of oil" made me ask, "Doesn't increasing oil pumping from an oil field need complex and expensive logistics such as pump jacks, pipelines, storage terminals, crude carrier terminals and so on? Wouldn't that infrastructure prove to be a bottleneck in expanding the oil production per day?" I would appreciate if someone could clarify my doubts.
If they are truly running out in a decade it should show on their production out put. Like algeria.
Recouvrable oil should increase with technological advancement even from "depleted" fields without even discovering anything new.
Main issue is that they aren't running out of oil, they are running out of cheap oil.
Fact!
Can you please elaborate on algeria running out of oil
@@aykuno25romer77 They reached their peak production around 2008 1.4m barrel a day, then slowly declined to 1m a day per covid.
Plus their local consumption is quite high, it is even about running out oil for them, they might not even be able to export any by 2030. Also during the algerian civil war in the 90s they suffered from not investing in their fields that's also catching up to them.
@@dexterbrown9681 Thanks for the explanation
@@dexterbrown9681 Correction: they are still recovering from the Algerian civil war regarding oil infrastructure investments.
I am tired of the Algerian corrupt leadership constantly BLAMING Morocco for their own sh-t!!! Whenever people revolt against their government, or complain of inflation, currency being wrecked etc. etc. They magically invent a scenario to blame Morocco! I can't wait for this trashy government to be democratically overthrown (Tunesia style)
Lets be honest here ....our integrity and accuracy over production, or availability, yield or supply are often conflicting and variable ...and therefore often very questionable and problematic... Especially in valued commodities that are carefully controlled and guarded....especially where and when supply, demand and huge potentials profits (and loss) are involved .
Now we're starting the countdown for Saudi Arabia, last week was China. Wonder who is gonna be next week.
Probably some eu member
The difference between reserves and resources isn't always understood so it might well be that the discussion is muddled by different people using the terms interchangeably.
Enhanced recovery is a factor.
One has to differeneciate between reserves and resources.
Reserves are economically recoverable resources.
Given the advances in oil recovery technologies, sustained high prices and capital investment timelines, it is perfectly imaginable that KSA increased its reserves.
Correct. And that’s one factor of many others that help improve proven reserve numbers.
Yeah, keep on dreaming...
@@bigstylo Yes, improving the numbers - that's the name of the game. The physical production is another matter entirely...
@@Kamamura2 and what’s wrong with the physical numbers of Saudi crude production?
If they’re lying you would have seen that they can’t maintain the production numbers they are delivering for the past 35+ years.
It’s funny how a lot in the west believe the reserve numbers claimed by some countries ie Venezuela while they are not producing anything physically that correlates to these claims, all while scrutinizing Saudi numbers.
One other factor is shale oil, easily said saudi’s eastern border holds a very large amount of undiscovered shale oil just for the fact that now is not the time that saudi needs it, bahrain which is located right on the eastern coast of saudi announced a very large discovery and its very likely that under saudi’s side of the border the rest of the reserve
A good reason to overstate the reserves would also be to get more money for Saudi Aramco when it went public.
this video is total cap and i can prove it
ruclips.net/video/L5MrmOEZLDY/видео.html
IS ALLAH AFRAID OF ISRAELI MISSILES? STAY AWAY FROM ISLAM
Aramco never went public.
It was opened to only Saudi citizens.
We can only hope. So the civilized world can leave these people to their backwards ways
The video ignored that the reserves are certified by third party most of them are american audit companies
In my child life i remember we have been taught by experts we have worth of 70 years of oils. In any case these days people wants detail just take a move. While people in the past didn't need that much of details and numbers to make a move.....
I have no doubt that an American company could easily be bribed to lie about the results.
@@naddarr1 by that reasoning we can't trust any data, so the oil may last for 2 days as well as 500 years more. You either accept the data or avoid making predictions altogether. Or produce your own data.
New technologies mean more oil can be recovered from previously known reserves, such as sysmic imaging, horizontal drilling, fracking, pumping down chemicals to force more oil out
exactly
But that also means more costs. That's the major factor that makes saudi oil so desired: it's high quality and cheap to drill (so far at least).
It requires American technologies that SA doesn't posess. There are oil shale fields all over the world but only the US has the investment money coupled with the technical know how to extract it and make a profit. There's no shortage of oil, but it's hard to get to.
@@billweberx go to it’s financial statements you will see the huge amount of money that invested in research. Armco is under rated by a lot
@@billweberx usa is not the only country with brains dude, maybe u need to get out of that little bubble now, it's getting annoying
Produceable oil can be increased by technology such as gas lift and water injection, such as done in Norway.
What's the difference between "water injection" and fracking?
@@danielverlander5025 water injection is used to 'push' more hydrocarbons to the pumps, while fracking is intended to fracture the shale rocks, releasing the hydrocarbons
@@danielverlander5025
Fracking involves tunneling boreholes through rocks by fracturing them using sand, gas and water. They can actually do horizontal drilling meaning then can drill down away from rocks and then drill sideways under rock profiles. Meaning both oil and gas that was before considered unreachable is now easily accessible.
Robotics and new radar systems mean they are getting better and better at spotting the stuff. There is probably a whole layer of oil and gas just waiting to be exploited in the not so distant future.
Gas lift is an old tech
Best comment yet. I like the fact that you let the concept sink in peoples minds rather that explaining the consequences.
Please just read about Horizontal Directional Drilling (HDD), Smart Well Completion (SWC) and Horizontal Thrust Boring (HTB) and you'll understand how the proven reserves are climbing up instead of going down. A "smart" well produces on average 40% more oil than conventional wells, and that alone will dismiss your claims. There are so many fields discovered left and right, and all new fields are shut-in for future development. I think that the current oil reserves estimations are quite conservative compared to the reality!
I worked in Saudi Arabia in the early 1980's, wells were straight, shallow,and flowed with very good pressure.
I worked in Saudi Arabia in the early 2000's, The wells were much deeper, horizontal, with lower flow pressures.
The only new fields were gas wells.
I don't know how much oil reserves they have, but I know it is much harder and expensive to get out the oil they have.
I had watched a video a while back about how we underestimate the oil we have. Which lead to headlines stating we only have X number of decades worth of oil and it will all run out. When I’m reality we fast forward and are living comfortably with increased demand of oil and still have projections that give us more decades. It’s the science and technology improving that increases our efficiency in extracting oil. This is also a point we need to take into account. Also I believe that even couple decades from now on Saudi will be making a little less but still a sizeable about of money from under developed countries while developed and developing countries will have shifted significantly to electricity.
you are correct. a big flaw in the reasoning by those that claim there is x amount of oil left, is that they are starting with static numbers and then projecting them out over decades. yet the industry's tech advancements means those numbers are dynamic, and must be altered every year as improvements are implemented in everything from mining to refining.
IS ALLAH AFRAID OF ISRAELI MISSILES? STAY AWAY FROM ISLAM
"Global conventional crude oil production peaked in 2008 at 69.5 mb/d and has since fallen by around 2.5 mb/d." Page 45 of the World Energy Outlook 2018 by the International Energy Agency.
this is blatantly false. by the way the iea has released outlooks since 2018, funny you don't use those.
The demand also increases, both from countries becoming more industrialized like China and India and countries that are industrialized having more children or immigration to increase population. Getting more oil is a crapshoot as to what will be developed, price, etc. The increase in human demand for energy in general is a guaranteed increase.
Dude relax we keep discovering new oil fields on yearly basis. Like the empty quarter desert that turned out to be far from empty.
Demand also increases daily.
@@BlGDaddyRob as the world moves more into green energy, I don’t think demand will be increasing all that much
@@martilix4470 demand for energy overall increases every time a human is born, but yes I agree it would be possible to offset that with a higher increase in other energy sources. However, weve been moving towards renewables for decades now and oil usage(worldwide) is still increasing, and there is no guarantee that government policies might change to reduce renewable use in the near future. Its a balancing act that hasn't flipped yet toward demand reducing, though it very well might with the green incentives in the "anti inflation" act, the US at least is already trending down a little bit, but I dont know how much of that was the wars in the 2000s slowing down or covid which also temporarily caused a big hit.
This world is rapidly passing away and I hope that you repent and take time to change before all out disaster occurs! Belief in messiah alone is not enough to grant you salvation - Matthew 7:21-23, John 3:3, John 3:36 (ESV is the best translation for John 3:36) if you believed in Messiah you would be following His commands as best as you could. If you are not a follower of Messiah I would highly recommend becoming one. Call on the name of Jesus and pray for Him to intervene in your life - Revelation 3:20.
Contemplate how the Roman Empire fulfilled the role of the beast from the sea in Revelation 13 over the course of 1260+ years. Revelation 17 confirms that the beast is in fact Rome. From this we can conclude that A) Jesus is the Son of God and can predict the future or make it happen, B) The world leaders/nations/governments etc have been conspiring together for the last 3000+ years going back to Babylon and before, C) History as we know it is fake. You don't really need to speculate once you start a relationship with God.
Can't get a response from God? Fasting can help increase your perception and prayer can help initiate events. God will ignore you if your prayer does not align with His purpose (James 4:3) or if you are approaching Him when "unclean" (Isaiah 1:15, Isaiah 59:2, Micah 3:4). Stop eating food sacrificed to idols (McDonald's, Wendy's etc) stop glorifying yourself on social media or making other images of yourself (Second Commandment), stop gossiping about other people, stop watching obscene content etc. Have a blessed day!
To be fair, increasing production may not be in their best interest
Interest and greed are not synonymous words.
@@srfrg9707 so it's okay for usa to be greedy but not for saudis ?
@@crimbo6993 what?
When I worked in the Middle East, the rumor was they had twice as much as the reported reserves to keep the prices high.
Thanks for a well researched and excellently produced video. You make an excellent case. I am sure many people, other than me, will be very interested in forthcoming videos about consequences, alternative sources and your best guess at supply and demand over the next 10 years.
Thank you so much Ben for your kind words!
this video is straight cap and i can prove it
ruclips.net/video/L5MrmOEZLDY/видео.html
lmao @ "well researched"
One problem. In the event of a Societal Civilization collapse like the fall of Rome.
The lack of easily accessible fossil Fuel will make Reindustrialization difficult.
This is where radioactive material comes in they’re gonna have to bite the tongue admit that we need this stuff. We can’t be afraid of nukes if in the long term we’re gonna end up killing ourselves.
The real reserves are unknown to all of us. But I do feel that when Americans were running it they has motive to understate reserves. Then then they were removed, that Aramco applied a multiplier based on previous understatement and new enhanced recovery technology. The technology to get usable oil from chale and tar sands can also go a long way to keep Saudi pumping for along time.
As for their lack of capacity expansion would be a couple possibilities. One is that they are not interested in expanding capacity and are spending only enough to improve yields from existing fields. That some of the money for growth would be getting funneled off. It takes a long time to increase capacity and by the time anyone notices some of that money was diverted, the total capacity has not increased at all.
That they will however been spending on maintaining what they have.
Fracking came about around the 1990s, which may have changed estimates on oil reserves.
I always say I love diversity of content of this channel. I have been following this channel since 2019 I still feel this channel is underrated considering this guy has been consistent and his quality of content is good and accurate. The question we need to ask ourselves is that country with oil and natural gas have dominated so much in geopolitics then China who produces 90% of components of solar how much influence China will have in future
Excellent production, very interesting and well researched. Great job. 💖
Thank you Kerri! I really appreciate it!
this video is straight cap and i can prove it
ruclips.net/video/L5MrmOEZLDY/видео.html
You have no idea what you are talking about. Saudi Arabia is floating on very large oil and gas reserves , some of which were not even touched or developed because they won’t be needed for many years to come
Oil was first produced in Pennsylvania in 1859.About 15 years later the specter of peak oil was first reported.About every 15-20 years this refrain has been repeated ad nauseum and of course continues to this day.
From my reading there was a trusted independent audit of proven oil reserves in 2019 which largely confirmed Saudi estimates. Far from a fan of Saudi Arabia but I think their estimates are largely accurate
they underestimate their oil reserves actually, in 2007 they said Aramco oil field can only produce 7 million barrels per day, now with just little infrastructure improvement Aramco is producing 12 million barrels per day.
Saudi arabia is a terrorist country.
@@niweshlekhak9646 dude Americans where able to pump 10 million 40 years before
@@karthikeyanm.v8381 US doesn't extract it's own oil, it buys oil from countries that don't have refineries and then sells it.
@@niweshlekhak9646 bro us is no 1 oil producer in the world. Also US OWNED Aramco at some point
The reason for the change in reserves is the same as how the Americans found oil in Dammam 7. Just dig a bit deeper and utilize better technology to get what’s down there out
Or swtich to renewables. It's better for the planet. Only stupid people don't care about that.
IS ALLAH AFRAID OF ISRAELI MISSILES? STAY AWAY FROM ISLAM
25% of the exportable oil comes from SA and another 25% comes from Russia. Another interesting fact, in the last 22 years half the oil ever produced was consumed. It would appear we are reaching the end of exponential growth and have a math problem, "you cannot have continued growth in population and you can't have continued growth in the consumption of resources."
One of the issues of being dependent on foreign expertise is that it is hard to keep this information secret. This has been an open secret among the oil community for many years now.
Yeah they're probably lying. I almost guarantee it. They probably drilled to like 90/95% of all their available reserves left. But they could always go to the Dubai route and just go full tourism and pay billions toward that. Don't know if you're a boxing fan, but they're having combat events over there and the LIV tour is popping off. They're already transitioning!!
Ah yeah, I didn’t know about the boxing thing. But they are def going pretty hard on the tourism.
@@LogicallyAnswered they seem to be paying fighters better than VEGAS as well. Athletes will follow the money even if it’s dirty (killing journalists).
Wala bunge
Effectively by transitionning i was most thinking to neom and the line to attract freiner investor and the tourisme to fill out all of this but its prêtre that if they r Hastings box event and i bet à lot of other évent
Well the line is basically that
I feel like the line is just the start of making the country more atractive to tourists
It probably is sketch especially since they have been exploiting the massive Ghawah field for decades and decades. Having said that I think there is too much focus on "reserves" in which is hard to quantity because it depends on different types of classifications such as proven, unproven, probable etc. Then you also have the technology, geopolitical and technological aspect to it all.
I think we should really be focusing on production capacity and export volumes. At $100/barrel most non OPEC+ countries would be pumping as much oil as they can but they are pumping at capacity therefore can't increase production and is reliant on imports.
There's no point counting Venezuela's massive reserves if they can't pump it out at a meaningful rate.
In reality there are big 3 big boys the US, Russia and Saudi Arabia between them I think they pump like 1/3 of the world's oil. The US pumps a lot but also uses a lot so does not have much left to export therefore Russia, Saudi Arabia and the other OPEC+ members control the price and production of the world's oil. It is not the US, it is not Europe and it is not China..
(Edits: fixing spelling errors etc)
Search . ' What Was Saudi Arabia's Role in 911 . '
Thank you Vendetta.
@@markdejongh47 You're welcome 🙂
Opec is sort of cartel they decide what will be the price of oil. They can make or break world economy
@@ShubhamMishrabro They are 100% a cartel and that is not even disputed.
Yes they can make or break the world economy (if they are united) but their main goal is not to break the world economy it is to make as much money as possible for as long as possible to stay in power and keep the world hooked on oil. Recessions like in 2020 is not good for business. Having said it is can also be a political tool, they can either starve(like in the 1970's) or flood the market(like in the 1980's) if they wish to.
Reserve in Oil & Gas are categorized in P1-3 based on how economically feasible to retrieve them. The proven reserve would only combine P1 or some part of P2. With newer tech and lower cost, the reserve in lower tier P3 would be shifted to higher tier P2 and thus increase overall reserve.
For example
P1 50 : Easily retrieve
P2 100 : Need some investment but profitable
P3 2000 : Not profit to drill
The proven reserve = P1+P2 =100 +150
With new tech, some of P3 could be drilled profitably.
P1: 50
P2: 100 +50
P3: 2000-50
The proven reserve = P1+P2 = 200
OIL also means plastic, unfortunately. I think it is very difficult to find an alternative for oil in manufacturing and polymer chemistry
A really fair and well-researched video once more! great job!
Thanks man!
this video is straight cap and i can prove it
ruclips.net/video/L5MrmOEZLDY/видео.html
They also said Nigerian oil would be finished by 2017 but it still has. You can never predict when natural resources will exhaust, they are always forming.
Lmao it takes millions of years to form and it mostly goes underwater. The tectonic plates just shifted them to some places around the world. Mostly in the Middle East.
But you are right to say it will take a long long time to dry up.
If Aramco is public and listed, their lie would be exposed when oil runs out and they would be sued by the shareholders because their lie hid the over-inflated asset thereby over-valuing their assets. This would be fraud.
Who would be sued, and where?
@@jimcherry685 just re-read the post.
The Saudi government may not be lying. In 2010 the company I work for happen to have been given permission to be on the premises of their newly started drilling project. I happen to have one american guy who works there, he said the reserves according to their estimate could last a 100 or more years.
By the way. Who, besides me, heard that some country sold some of its oil in the past, which was not used for a very long time, and then bought it back in real terms or only on paper(???) and added it to its reserves, which were thus increased? Is this possible? By "some country" I mean the countries of OPEC.
this video is total cap and i can prove it
ruclips.net/video/L5MrmOEZLDY/видео.html
This world is rapidly passing away and I hope that you repent and take time to change before all out disaster occurs! Belief in messiah alone is not enough to grant you salvation - Matthew 7:21-23, John 3:3, John 3:36 (ESV is the best translation for John 3:36) if you believed in Messiah you would be following His commands as best as you could. If you are not a follower of Messiah I would highly recommend becoming one. Call on the name of Jesus and pray for Him to intervene in your life - Revelation 3:20.
Contemplate how the Roman Empire fulfilled the role of the beast from the sea in Revelation 13 over the course of 1260+ years. Revelation 17 confirms that the beast is in fact Rome. From this we can conclude that A) Jesus is the Son of God and can predict the future or make it happen, B) The world leaders/nations/governments etc have been conspiring together for the last 3000+ years going back to Babylon and before, C) History as we know it is fake. You don't really need to speculate once you start a relationship with God.
Can't get a response from God? Fasting can help increase your perception and prayer can help initiate events. God will ignore you if your prayer does not align with His purpose (James 4:3) or if you are approaching Him when "unclean" (Isaiah 1:15, Isaiah 59:2, Micah 3:4). Stop eating food sacrificed to idols (McDonald's, Wendy's etc) stop glorifying yourself on social media or making other images of yourself (Second Commandment), stop gossiping about other people, stop watching obscene content etc. Have a blessed day!
Dude what are you talking about?! We’re basically just started getting richer. There are more than 8 oil and gas fields that have been discovered since 2015 only. In 2022 Aramco announced the discovery of five gas fields that can produce 103 Million Cubic Meter Per Day. With that being said, Saudi Arabia have invested billions of dollars in renewable energy and one of its Solar plants broke the world record in producing the cheapest electricity in the world. Saudi Arabia would still produce energy to the world even if it ran out of oil and gas centuries from now. Please guys research your topic before making videos about it, I’m tired going around RUclips correcting you.
You don't have to explain to people who are willingly dumb, but think they know stuff.
would the Saudis be able to store solar energy in barrells and export it to australia?
you have to face it one way or another the oil energy era is coming to a end..
@@humobanda5500 yes, it’s called hydrogen. And why the hell would Australia would want to buy green energy when they’re at great spot to generate it themselves
@@cinemathemostimportant7717 gdp per capita in Saudi Arabia is is just 22k. That's not really rich
@@al3ndlib time will tell when the world moves away from oil,
There is no such thing as a single figure "reserve".
All serious looks for any resource, have to first put the reserves into 2-3 price brackets. It makes a bit of a different if it costs 28$ or 280$ to drill for a barrel of oil.
Especially if you consider the highest price Oil ever sold at, was 140$ per barrel.
That is actually the issue of Venezuela - plenty of reserves, but in the price bracket it can not be sold for.
It seems when we start to run low the price goes up a little and massive reserves are found just a little deeper.
I’ve seen the sonar maps of the Gulf of Mexico. There is enough there to last for at the very least 100s of years factoring in increased demand. We were drilling for Saudi Aramco when the maps were shown to me. That’s just the gulf, so we aren’t running out for a very very very long time. We drilled the wells and capped them off. It’s supply and demand, and why would anyone give up their supply for pennies.
Can you provide more details?
this video is actually cap and i can prove it
ruclips.net/video/L5MrmOEZLDY/видео.html
Then why was the largest oilfield find last year was only 75 million barrels by Luhkoil?
The proven reserves of most all oilfields doubles with the advent of hydraulic fracturing.
No. Sandstone and carbonate reservoir rock is not fracturable.
no, not all oil reserves are suitable for fracturing
I love how you see 5 Gallons of water infront of youand someone says, no no they are just 1 liter.
The reserves are more than what is published.
Imagine...suddenly there is an announcement that all the oil reserves are depleted or too difficult to extract. Imagine the uproar and anarchy. The government and oil merchants had made contract to lie to their people so that the economy keeps running.
thats stupid, people selling oil would benefit immensely if people thought its about to end, being able to jack up pricing
@@jusu8961 That state would be temporary... They cannot continue to keep high prices for long as it's already very high
There will be no announcement because there will be no warning. The production is maintained by water injection. A technique similar to fracking : They inject sea water in the oil slick. As a result the pressure is maintained and the production of oil is not reduced. Until the day they see dirty sea water coming out of the derrick. And dirty sea water does not sell so well I have been told. What was you point? Imagine the uproar and anarchy. Yes. I can imagine that.
@@srfrg9707 Oh... I was unaware of that technique... I will definitely check it out... My point was governments can lie to people to earn profits... We have seen it in history and even happened on a contemporary basis... And yes this will result in anarchy and chaos... Imagine you just bought your dream car thinking the petrol will be there forever and then suddenly news come that it's over or very less quantity is remaining...
@@robocop5543 The announcement will be like : "Huuu... Sorry everyone. Arabs have no oil left. The remaining producers by decreasing order of reserves are Venezuela, Iran and Russia. Yes, all the villains. But fear not. We do have Greta Thunberg."
I remember reading that the oil reserves itself is the product of the African and Asian continental plates slipping over each other. Which seemed to indicate that the oil was being squeezed out of the African plate area. Saudi oil is by far the cheapest to pull out of ground so perhaps there is more oil than originally thought and as we now know with fracking that the earth is still producing oil. It’s not as finite as previously thought.
What Was Saudi Arabia's Role in 911 . '
Oil is a finite resource...regardless if they have less than 10 years or decades more worth of supply, it will run out. Before running out, we will face an era of peak oil, the time when oil production have reach the max and starting to decline while demand steadily increases. Be ready for that era because the transition will be very painful for those who are unprepared.
You are talking crap.
How would you know unless you dod the original miz calculations when you did the oil survey
Why didn’t you put rust map pictures in the video 😔
So called "renewables" can't be renewed without oil. Its a catch 22 situation. lol.
Petroleum is not just for driving vehicles
Lot of other industrial chemicals including plastics
Oil reserve statistics is somewhat flexible. Maybe the oil at $35/barrel could last for 90 years, but there are usually much more reserves which are harder to extract. They would cost, say, $70, $100, $150 to extract. Therefore, the gov only needs to "extend" the standards to get a much greater number of statistics in its reports. However, the profit margin will of course suffer as the cheaper reserves run out.
These "worse" reserves are pretty common in Russia, Venezuela and Canada. That's why Canada has a huge theoretical reserve figure, but most of them aren't financially viable.
experts have been saying the world running out of oil. "By 2016" lol
Imagine running out of oil. Ok we might discover some way to use electric cars and all. But what about Airplanes, Jets, Military Aircrafts and Rockets ? 😂😂
ion thruster maybe? it's electric.
We are far from running out of oil, many nation don't even tap their oil because its not currently profitable, comparable to Saudi Oil which is really cheap to take out of the ground.
@@mlc1610 way too weak
People say Saudi Arabia can just transition to tourism don't understand one thing: location. The whole reason in the first place that people come for tourism is business that many global politicians, brokers, and businessmen MUST come there to do business. And if you think all these multi millionaires and billionaires will come to Saudi Arabia for no reason, you don't follow how businessmen value their time. And there's one thing to guarantee: they're not going to be able to maintain these extremely expensive skyscrapers (that have to be given a foundation in SAND), extremely expensive water projects that exist in the middle of the desert, and stupidly decadent projects like their indoor ski projects will not survive their largest export being pulled like a plug from a bath tub.
Suadi Arabia will continue to surprise the world with how much money it makes and their living standards for many many years to come.
Good analysis.
For many years I have wondered how none of the middle east nations ever seem to be running out of oil. Here in Alberta an oil well can last about 20 to 30 years.
Your oil is different from their kind of oil and it is a lot harder to extract.