Re:Saudi Aramco Is the WeWork of Energy with Pulled IPO
by sword_smith on Monday October 21, 2019 @09:04AM
(#21311775)
That's an amazing graph. The other side of the same story is the US production of oil:
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=W...
Re:Saudi Aramco Is the WeWork of Energy with Pulled IPO
by dmurray on Monday October 21, 2019 @09:20AM
(#21311915)
It's up about 40% since 1985? That seems really low. Population is up 33% since then.
Re:Saudi Aramco Is the WeWork of Energy with Pulled IPO
by sword_smith on Monday October 21, 2019 @10:14AM
(#21312467)
Yes. US oil production fell from around 1971 until the fracking boom took off in 2008. Remember when everybody talked about Peak Oil? That's where it came from.
https://www.eia.gov/todayinenergy/detail.php?id=37416
Re:Saudi Aramco Is the WeWork of Energy with Pulled IPO
by sambroner on Monday October 21, 2019 @10:45AM
(#21312828)
Check this additional article out... really shows the growth in exports and its global impact.
Re:Saudi Aramco Is the WeWork of Energy with Pulled IPO
by adventured on Monday October 21, 2019 @11:21AM
(#21313295)
That's a poorly representative chart of the current situation. That data is from 2017, showing that exports hit 1.1 million barrels per day.
Here is what it looks like now (hit 3.1 million barrles per day in June):
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=M...
And this:
Sept 12: "Booming shale production helped the United States briefly overtake Saudi Arabia and Russia to become the world's top oil exporter for the first time earlier this year. US exports of crude topped 3 million barrels per day in June, according to the International Energy Agency, pushing its total oil exports to nearly 9 million barrels per day."
https://www.cnn.com/2019/09/12/investing/us-oil-exports-saud...
EDIT: Look at this graph of US net imports of oil (etc). The bottom of the graph is zero. We are perhaps months away from being a net exporter. There are caveats, like the fact that the new oil (light) the US produces is not the oil (ie Heavy) that US refineries are optimized for, but this is temporary. Refineries can and will be retooled. Saudi Arabia cannot take the position of the US as primarily a customer (vs competitor) of oil for granted. https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=m...