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Is Saudi out of oil, Arabian King bans all new oil exploration
Published on July 7, 2010 by oilprices · No CommentsSaudi Arabia’s King Abdullah has ordered a halt to all new oil exploration to save Saudi Arabia’s oil wealth for future generations, the official Saudi Press Agency reported last weekend.
“I was heading a cabinet meeting and told them to pray to God the Almighty to give it a long life. I told them that I have ordered a halt to all oil explorations so part of this wealth is left for our sons and successors God willing.” King Abdullah told Saudi scholars studying in Washington, according to SPA.
Saudi Arabia, the largest member of OPEC pumped oil unchanged at 8.26 million barrels a day in June 2010, a survey by Dow Jones Newswires showed last week.
“King Abdullah’s message does not mean that Saudi Arabia is changing it’s view of the country’s global oil balancing role or its commitments but only that it should be mindful of its future usage.” said John Sfakianakis, chief economist at Riyadh-based Banque Saudi Fransi-Credit Agricole.
Recently the IEA (International Energy Agency) calculated that it would take the discovery of six new fields the size of those in Saudi Arabia to maintain current world oil output through to 2030.
With that in mind, together with the fact that Saudi Arabia is one of the world’s biggest oil exporters (only second to Russia) does it make you wonder why there are so many “peak oilers” in the world today…
Tags: arabia, crude, exploration, king, oil, peak oil, saudi