A OPEC report confirms that Saudi Arabia is running out of oil.
A major Saudi Arabia oil company has set off alarms to warn that oil in the country will be depleted by 2013 based on current worldwide consumption.
The report, published in the magazine Al Mashka says that the increase in worldwide consumption (particularly by China) is one of the main challenges facing the country, mainly because oil accounts for 80% of national income.
Abdel Salem al-Barani, head of the Saudi Oil Company company also warned of the consequences for citizens of the world to ignore the calls to save electricity, and has advised that they depend more on solar energy and windmills.
Wikileaks documents have indicated that Saudi Arabia’s reserves have been wildly overestimated.
The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom’s crude oil reserves may have been overstated by as much as 1,000 barrels – nearly 70%.
The revelation comes as the oil price has soared in recent weeks to more than $100 a barrel on global demand and tensions in the Middle East. Many analysts expect that the Saudis and their OPEC cartel partners would pump more oil if rising prices threatened to choke off demand.
Earlier today, with OPEC refusing, to raise official production rate, Saudi Arabia decided to boost production on its own – which will cause them to run out oil even faster.
Even though Saudi Arabia is boosting production, they are considering drastically lowering production so that they can make their oil supply last longer. But, either way, the days of wealthy Saudi Arabian princes are coming to an end.
Saudi Arabia produces just under ten million bpd. I don't really think they'd even notice a shortfall of 1,000 bpd.
We should have switched to electric cars back in the 1970's. All new innovative research fizzled out when gas prices went back down. In fact, the cars got bigger and bigger. Now that the price of oil has hit $100+ per barrel car makers finally are forced to do something about it for fear of the almighty dollar.
It's better that it did altogether!
I have no tolerance for the misdealings with the oil biz to keep on going since we got to the surface of better fuel alternatives and electric vehicles. I'd say oil has some good use for other things, so the economy will change drastically, so what?…
What the guys will do after that …They will die in hell..
Electric cars are nice yes, but they still need tires and those are made with oil. How about the plastic that is also ,made from oil. My guess is is that if you own an electric vehicle you might want to buy enough tires now to last the car for life.