{"id":9790,"date":"2015-07-07T07:55:48","date_gmt":"2015-07-07T12:55:48","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9790"},"modified":"2015-07-07T07:55:48","modified_gmt":"2015-07-07T12:55:48","slug":"indiana-jones-beyonce-and-saudi-oil-production","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9790","title":{"rendered":"Indiana Jones, Beyonc\u00e9, And Saudi Oil Production"},"content":{"rendered":"

Indiana Jones, Beyonc\u00e9, And Saudi Oil Production<\/a><\/h3>\n

Thirty-four years ago today, Indiana Jones was the number one movie at the box office with \u2018Raiders of The Lost Ark.\u2019 1981 was also the year in which Beyonc\u00e9 was born. These two reference points are just to highlight how long ago 1981 was (even if a swashbuckling Harrison Ford doesn\u2019t seem that distant a memory). But while the world was a very different place back in 1981, one thing is the same now as it was then: the level of Saudi Arabian oil production.<\/p>\n

According to OPEC data, Saudi oil production reached 10.3 million barrels per day in May, a level not seen since 1981. This data point is not all that surprising, given recent rumors and murmurs of a \u2018price war\u2018 and the \u2018targeting of market share\u2018 by OPEC\u2019s leading producer. To put this May production number in context, it is some\u00a0435,000 bpd higher than the prior year<\/a>; in March alone, Saudi increased production by 658,000 kbpd on the prior month, or\u00a0\u2018half a Bakken \u2018<\/a>as one article designated it. But it hasn\u2019t just been Saudi who has ramped up production over the last year; this has been a theme across various members of OPEC. The cartel pegged production at 30.98mn bpd in May, while\u00a0initial estimates<\/a>\u00a0for June pin this number at well over 31mn bpd, a three-year high.<\/p>\n

\"\"<\/p>\n

Saudi\u2019s export volumes are curious, however, in that they do not exude an obvious trait of stealing market share. In fact, they don\u2019t even appear to be improving. Although Saudi has 12,000 miles of domestic pipelines, it does not operate\u00a0any major functioning international pipelines<\/a>. In other words, waterborne is the only way out for crude exports:<\/p>\n

\"\"<\/p>\n

Domestic demand explains some of the anomaly away. Saudi Arabia is\u00a0one of a handful of countries<\/a>\u00a0that directly burns crude oil for power generation, and estimates suggest it could increase production to as high as 11mn bpd this summer to meet domestic needs. Saudi could burn\u00a0~900,000 barrels of oil per day used this month<\/a>\u00a0to meet an increasing demand for air conditioning, just as it did in July of last year:<\/p>\n

 <\/p>\n

 <\/p>\n

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

Indiana Jones, Beyonc\u00e9, And Saudi Oil Production Thirty-four years ago today, Indiana Jones was the number one movie at the box office with \u2018Raiders of The Lost Ark.\u2019 1981 was also the year in which Beyonc\u00e9 was born. These two reference points are just to highlight how long ago 1981 was (even if a swashbuckling […]<\/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":[7050,3102,592,1775,595,5332,600,701,7049],"class_list":["post-9790","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-7050","tag-oil-market-share","tag-oil-price","tag-oil-price-collapse","tag-oil-production","tag-oilprice-com","tag-opec","tag-saudi-arabia","tag-saudi-arabia-oil-production"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9790","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=9790"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9790\/revisions"}],"predecessor-version":[{"id":9791,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9790\/revisions\/9791"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}