{"id":35695,"date":"2018-07-03T06:44:23","date_gmt":"2018-07-03T11:44:23","guid":{"rendered":"http:\/\/olduvai.ca\/?p=35695"},"modified":"2018-07-03T06:44:23","modified_gmt":"2018-07-03T11:44:23","slug":"saudi-arabia-wont-bring-2-million-bpd-online","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=35695","title":{"rendered":"Saudi Arabia Won\u2019t Bring 2 Million Bpd Online"},"content":{"rendered":"

Saudi Arabia Won\u2019t Bring 2 Million Bpd Online<\/a><\/h3>\n\"Oil<\/picture>\n
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President Trump said in a tweet on Saturday that Saudi Arabia agreed to boost oil production by 2 million barrels per day (mb\/d), a claim that surely came as news to the Saudis.<\/p>\n

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\u2714<\/b><\/span><\/span><\/div>\n<\/div>\n<\/div>\n
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Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels,\u00a0to make up the difference…Prices to high! He has agreed!<\/p>\n

Saudi Arabia was producing 10 mb\/d in May and recent reports suggest they might add as much as 800,000 bpd to 1 mb\/d in July, a massive increase<\/a> in such a short period of time.<\/p>\n

But it\u2019s a far cry from the 2 mb\/d that Trump thinks Saudi Arabia will add. That would translate into overall production of around 12 mb\/d, which is probably unrealistic for a few reasons.<\/p>\n

First, there are technical questions about how far and how fast Saudi Arabia can push its oil fields. Can they ramp up to 12 mb\/d? Probably, but there is not a lot of historical evidence to go on. Also, they probably can\u2019t do it immediately, it would take time, perhaps more than a year.<\/p>\n

The second \u2013 and more important \u2013 reason why Saudi Arabia won\u2019t comply with Trump\u2019s wishes to add another 2 mb\/d onto the market is that they don\u2019t want to.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia Won\u2019t Bring 2 Million Bpd Online President Trump said in a tweet on Saturday that Saudi Arabia agreed to boost oil production by 2 million barrels per day (mb\/d), a claim that surely came as news to the Saudis. \u2714 Just spoke to King Salman of Saudi Arabia and explained to him that, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[7844,6621,6010,595,5332,600,701],"class_list":["post-35695","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-donald-trump","tag-king-salman","tag-nick-cunningham","tag-oil-production","tag-oilprice-com","tag-opec","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35695","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=35695"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35695\/revisions"}],"predecessor-version":[{"id":35696,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35695\/revisions\/35696"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}