{"id":35827,"date":"2018-07-08T10:57:32","date_gmt":"2018-07-08T15:57:32","guid":{"rendered":"http:\/\/olduvai.ca\/?p=35827"},"modified":"2018-07-08T10:57:32","modified_gmt":"2018-07-08T15:57:32","slug":"saudi-arabia-was-supposed-to-pump-almost-14-mb-d-in-2018","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=35827","title":{"rendered":"Saudi Arabia was supposed to pump almost 14 mb\/d in 2018"},"content":{"rendered":"

Saudi Arabia was supposed to pump almost 14 mb\/d in 2018<\/a><\/h3>\n
\n

\"Trump_tweet_Saudi_pump_more_30Jun2018\"<\/p>\n

We have to dig a little bit into history to see the context of this remarkable tweet whereby we have to switch between events and later, delayed analysis with the benefit of hindsight.<\/p>\n

10 years ago GW Bush visited Saudi Arabia:<\/p>\n

\"President<\/p>\n

Fig 2: Sword dance in January 2008
\nhttps:\/\/www.huffingtonpost.com\/bob-cesca\/president-bush-shouldnt-p_b_81998.html<\/a><\/p>\n

15 Jan 2008
\n\u201cI will say to him [King Abdullah] that, \u2018If it\u2019s possible, your majesty, consider what high prices is doing to one of your largest customers,’\u201d Bush said. \u201cIn other words, the worst thing that can happen to an oil-producing nation is that the price of oil causes the economy to slow down, because that will inevitably lead to fewer purchases [of oil].\u201d
\nhttps:\/\/abcnews.go.com\/Nightline\/Politics\/story?id=4136209&page=1<\/a><\/p>\n

The above ABC News story includes a reference to an interview which co-anchor Terry Moran had with Bush who noted: \u201cIf they don\u2019t have a lot of additional oil to put on the market, it is hard to ask somebody to do something they may not be able to do.\u201d<\/strong><\/p>\n

The original video link<\/a> is broken but the wording has been documented by Gail the Actuary (Atlanta, Georgia) in this Oildrum post<\/a>.<\/p>\n

Obviously, Bush had realized what was going on. 3 years earlier he had already tried it, when oil prices went through the $50 mark.<\/p>\n

26 Apr 2005
\nCRAWFORD, Tex., April 25 \u2013 President Bush discussed the surge in oil prices with Crown Prince Abdullah of Saudi Arabia on Monday, but focused on a plan by the Saudis to increase their oil-pumping capacity over the next decade rather than on any short-term efforts to bring prices down.<\/p>\n

Saudi Arabia\u2019s plan, which it began discussing publicly weeks ago, calls for spending up to $50 billion to increase its maximum sustainable production capacity to 12.5 million barrels a day by 2009, and to 15 million in the subsequent decade, from about 10.8 million barrels now. The Saudis are currently pumping about 9.5 million barrels a day.<\/p>\n

https:\/\/www.nytimes.com\/2005\/04\/26\/world\/middleeast\/bush-and-saudi-prince-discuss-high-oil-prices-in-ranch.html<\/a><\/p>\n

This was the plan:<\/p>\n<\/div>\n

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

Saudi Arabia was supposed to pump almost 14 mb\/d in 2018 We have to dig a little bit into history to see the context of this remarkable tweet whereby we have to switch between events and later, delayed analysis with the benefit of hindsight. 10 years ago GW Bush visited Saudi Arabia: Fig 2: Sword […]<\/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":[3,5],"tags":[6292,7844,701],"class_list":["post-35827","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-geopolitics","tag-crude-oil-peak","tag-donald-trump","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35827","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=35827"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35827\/revisions"}],"predecessor-version":[{"id":35828,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35827\/revisions\/35828"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}