Home > Main > Saudi’s fill output gap as predicted

Saudi’s fill output gap as predicted

March 1, 2011

Saudi pumped 8,425 but appear to be pumping 9,000+ now

At least according to them and an unidentified source!  We’ll see how this really turns out, but as of now, it looks like Saudi Arabia is able to fill the output gap.

From Reuters:

Saudi Aramco CEO Khalid al-Falih told reporters the demand caused by violent unrest in Libya had been met. [ID:nLDE71R0DG]

Saudi Arabia is pumping around 9 million barrels per day and has spare capacity of around 3.5 million bpd, a senior Saudi source told Reuters, confirming a figure given by an industry source last week

I wrote a few weeks ago already that Saudi Arabia had the capacity to pump much more, and then last week again said they were turning on the spigot.  The latest official data is Saudi Arabia was pumping 8,425 a day for January, but here are a few claims they are pumping 9,000 or more in February.

I’d be surprised if they don’t up it past 10,000/day just to show the world it can. It would take a few months, but I think they are very worried about the price of oil being too high.

Also, I guess I should have guess I should have known Jim Rodgers was turning into a crank when he started wearing bow ties.  It’s a pretty good predictor of Crankery.





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