OPEC had rules saying the amount each member could sell would be based upon the proven reserves. Saudi wanted to sell more oil so it had to "prove" it had a lot more oil in reserve but they also decided it would be a national secret. That is why the amount suddenly went up.
@roystondaniel2849
2 жыл бұрын
But why aren't anyone checking the reserves then?
@mnredmount4353
2 жыл бұрын
@@roystondaniel2849 this private company national. Shareholder only care about profit not oil.
@prophetherbandderp2733
2 жыл бұрын
@@roystondaniel2849 They kinda are, Saudi Aramco may want to go public, so they got these dudes from DeGolyer and MacNaughton to verify. For now it seems they agree with the original estimates, but it's not like I have all the details on what data they got independently, what are they relying on the Saudis for. Not to mention any foul play that may be in taking place. The posted video comes somewhat one dimensional, without even trying to post arguments of the other side, but it is, what it is.
@blindtorpedo
2 жыл бұрын
TIL
@EatMyShortsAU
2 жыл бұрын
Yeah exactly, so they are all pretty much lying about how much oil they really have. Having said that I am sure the OPEC+ have way more oil than any else. Europe is deleted, China and other East Asian countries rely on imports and the US is just pumping enough for itself possibly at the bottom of the barrell.
@DrJohnnyJ
2 жыл бұрын
I worked for Aramco in the 80's. We forecast 30 years of production. Saudi has pumped all the reserves we knew about. We had horizontal and precision drilling but we didn't have fracking (we did use steam and water but I wasn't involved) and we had a reservoir management system running on a mainframe. My belief is that Aramco would only sell shares if they believe that the reserves are running out.
@cookiecola5852
Жыл бұрын
For those dumb enough to buy🍪
@iaov
Жыл бұрын
There is some evidence that some of the Saudi fields have become damaged and water logged by impatient extraction methods .
@jonnyd9351
Жыл бұрын
@@iaov I have heard that too, which is extra funny because nowhere else on earth is it easier to extract oil.
@jackryan1809
Жыл бұрын
Look, folks, let me tell you, nobody knows oil reserves better than me. Believe me, I worked for Aramco in the 80s, and I saw things that nobody else saw. We were forecastin', we were drillin', we were doin' it all. We had this incredible reservoir management system runnin' on a mainframe. It was like nothin' you've ever seen before, believe me. But here's the thing, okay? Saudi has been pumpin' those reserves like there's no tomorrow. They've been goin' at it, day and night. And let me tell ya, we knew about those reserves. We had 'em all figured out. But now, they're runnin' low, believe me. They're runnin' low. And that's why, folks, Aramco is sellin' shares. They know, just like I know, that when the reserves are runnin' out, you gotta cash in. It's like sellin' those Trump steaks before they go bad. Aramco ain't doin' this for fun, okay? They're doin' it 'cause they're smart, they're business-minded. They know the game. So, mark my words, when Aramco starts sellin' those shares, it means one thing and one thing only: the reserves are runnin' out. And I'll tell ya, nobody knows reserves better than me. Nobody. So, don't let 'em fool ya with all that fancy talk. They're sellin' 'cause they're runnin' low, and they want to get out while the gettin's good. It's as simple as that, folks.
@historyofdakkhan917
Жыл бұрын
@@jackryan1809 India's andman are super middle east
@jamescox7007
2 жыл бұрын
Since the 80s technology has changed that allows oil to be recovered that was not accounted as recoverable oil reserves. The Oil Sands in Canada have well over 1 trillion barrels of oil but oly 150 billion barrels are able to be recourved.
@anthracite3569
2 жыл бұрын
this video is absolute cap and i can prove it kzitem.info/news/bejne/rWuD2KGFfox9d44
@davidburnett5049
2 жыл бұрын
I was wondering about this sort of thing. The term fraking comss to mind. A tech they didnt have some time ago and it allows access to different pockets of natural gas. Iirc. Why wouldnt there be some advancements in getting oil out of the ground?
@Gamer_2047_
2 жыл бұрын
Correct
@lastchang1061
2 жыл бұрын
IS ALLAH AFRAID OF ISRAELI MISSILES? STAY AWAY FROM ISLAM
@devinbutler3271
2 жыл бұрын
@@davidburnett5049 Oil is a different substance
@Automedon2
2 жыл бұрын
I was around in the 70s when the experts said Saudi oil would run out by the end of the decade
@choigold5094
2 жыл бұрын
Sounds similar to "China is collapsing this years/decades" type of expert claim
@Aeronaut1975
2 жыл бұрын
@@choigold5094 *Peter Zeihan enters the chat.
@furanduron4926
2 жыл бұрын
And polar ice would complety melt by year 2000.
@StevenMiller
2 жыл бұрын
@@choigold5094 Yup or India will be a superpower in 5 years whilst still having hundreds of millions of citizens even in 2022 living in crippling poverty.
@krybling
2 жыл бұрын
its the experts job to report on issues and then its the governments job to resolve the issue, the fact that it didnt happen means everyone simply did their job. to boil down your comment everything you are saying is you are above 60 years old. ok congratulations with that.
@mainmanbumfuzz8983
2 жыл бұрын
"My grandfather rode a camel, my father rode a camel, I ride a Mercedes, my son rides a Land Rover, and my grandson is going to ride a Land Rover…but my great-grandson is going to have to ride a camel again." - Sheikh Rashid, founder of Dubai.
@2mjz84
2 жыл бұрын
🤦♂️🤦♂️🤦♂️🤦♂️
@what_is_left
Жыл бұрын
ngl oil is like the soul of SA they need to act fast or they will end up in a very bad situation
@7Frosty7
Жыл бұрын
Wait why is that ?
@fayez2835
Жыл бұрын
Dubai don't live on Oil Abu Dhabi do
@randomguy7175
Жыл бұрын
I think he ever said those words, even if he said he was pessimistic about future.. but god UAE has transferred into more then oil producing nation it's a tourist hub , and coming to Saudi Arabia, oh god they got mecca and madina.. every muslim(nearly 2 billion) would want to visit those places once in life time... They are safe for sure..
@morecowbell235
2 жыл бұрын
It's important to understand that estimates of recoverable oil are based on the technology available at the time. Over the past 15-20 years, horizontal drilling, precision drilling and fracking have allowed for the recovery of far more oil and gas than what was available prior to 2005. Fracking is not possible nor worthwhile in every location, either.
@Marvin-dg8vj
2 жыл бұрын
I dont believe the hyped news stories about a fracking revolution. This technology was used in the 1950s. The graph of oil and gas output from fracking is far too extreme to be sustained in the US. The wells peak fast and deplete rapidly and are fairly high cost. The frackers don't seem to be so keen on expanding output now .The weaknesses probably explain why conventional oil fields were preferred by the oil majors
@onlythewise1
2 жыл бұрын
@@Marvin-dg8vj there is trillions of oil its hard to get it deep
@sjdhrjrjejdhdhsh
2 жыл бұрын
Fracking is used on shale reserves. As i understand fracking isn't necessary in the middle east.
@Marvin-dg8vj
2 жыл бұрын
@@sjdhrjrjejdhdhsh which probably explains the low cost per barrel unless the fields are very old
@onlythewise1
2 жыл бұрын
@@sjdhrjrjejdhdhsh its were ever it works or is profitable
@vanhocwong6689
2 жыл бұрын
In the early years of the oil industry, recovery of 5% was considered the rule of thumb. But over the years, as technology advances, recovery rate improved to 15%, to 30% and now with enhanced oil recovery, it could reach up to 50%.
@stephendoherty8291
2 жыл бұрын
The presumption is that fracking tech can unlock way more expensive oil reserves and while that is true, the cost is higher and that only works if credit is cheap to keep opening up new wells while the price remains high to recover the cost and inflation stays low or acceptable. KSA does some limited fracking Saudi Arabia. As we can see from Europe, its natural gas to run industry and heat homes and run gas turbines to make electricity thats the vice grip. Cut transport fuel use and you cut oil demand instantly. Higher airfuel costs does not impact most economies (bar tourism dependent island nations), bunker oil remains the shipping fuel and it only has one real customer - shipping. Plastics has always been oils backup customer but we are seeing early use of non oil plastic (or no plastic) and higher energy costs make plastic using customers look at alternatives. If we take US fracking firms at present - they have the high oil price (while the war continues in Ukraine) but rising credit costs/inflation and Wall st wants its money back not promises
@stephendoherty8291
2 жыл бұрын
Whats needed is chemicals, water and a known bedrock and low water tables. Droughts and water scarcity cuts water availability. Chems have a nasity tendency to backfire/injure workers and resurface and climate change means droughts and intense rainfall and all that water can join up with your injecting. Alternatives like C02 injecting has merits but C02 can often just seep back up. If fracking worked in offshore rigs, we would have seen it happen at scale considering the cost of initial well development and existing infrastructure . Fracking also needs repeated well development and that means lots of regular cheap capex cash up front.
@mweskamppp
2 жыл бұрын
And it all comes with a cost. -own pressure -gas lift -pumps -water injection - water flooding -gas injection -tenside flooding -steam flooding -flooding with viscosity enhancer and what not.
@nickoutram6939
2 жыл бұрын
@@stephendoherty8291 Americans start squealing at $5 Gas, how will they take to paying the amounts needed to unlock all this 'more expensive oil'? A series of intensifying demand-destructive recessions was my prediction.
@littleredpony6868
2 жыл бұрын
@@nickoutram6939 they wouldn’t. We started seeing demand destruction occurring at the $5 a gallon level. There’s a big chunk of the American population that wouldn’t be able to afford the price levels needed for the higher cost oil deposits. Until the lower cost oil is used up it’s not going to be feasible for the higher price oil extraction. Even then there would be a big shift in mass behavior in the usage of gasoline and oil products in the U.S. and possibly other countries as well
@loowyatt6463
2 жыл бұрын
Reservers do increase over time. They're based on being profitable mined. So while the price of the resource increases the reservers will increase
@robbank8027
2 жыл бұрын
Also, fracking tech has improved.
@grovehoLP
2 жыл бұрын
"Finite reserves increase over time" Have you even passed elementary school ?
@rexes92
2 жыл бұрын
What the fuck are you talking about? Reserves do not increase over time, it is finite.
@rightwingsafetysquad9872
2 жыл бұрын
The amount of oil physically present in the ground does not increase. But they could discover more is down there than previously known with better exploration. And more importantly, if price increases and technology improvements make it profitable to extract more of the pie, they can count more of it. For example, you know there's 100 barrels in the ground, but only 50 can be profitably extracted, your reserves are only 50 barrels. If price increases means that you can profitably extraxr 60 barrels, your reserves have now increased by 10 barrels.
@Cyberc50x
2 жыл бұрын
So, if oils rising price increases reserves due to economic viability, where are the drops in reserves due to oils falling price making them uneconomically viable?
@duran9664
2 жыл бұрын
🚨 CORRECTION 🚨 Lying about their oil reserve stems mostly from their extreme dependence on the protection of the west & the USA in particular. The famous USS Quinsy agreement between the founder of the saudi royal mafia 3rd reich (King Abdulaziz) & FDR has stated that America will guarantee the existence of the Saudi royal mafia throne (has nothing to do with saudi people) in return of getting 50% of all saudi natural resources for 50yrs & guaranteeing half of oil/gas/petrochemical & weapon to American contractors thereafter; plus free commercial & military access to protect trading routes. President Trump himself repeatedly & openly said that the saudi royal family WILL get massacred within 2 weeks if America stopped protecting them😵💫😮💨
@catparka7698
2 жыл бұрын
I'd love to see your sources.
@SLouadah
2 жыл бұрын
Enhanced recovery is a factor. One has to differeneciate between reserves and resources. Reserves are economically recoverable resources. Given the advances in oil recovery technologies, sustained high prices and capital investment timelines, it is perfectly imaginable that KSA increased its reserves.
@bigstylo
2 жыл бұрын
Correct. And that’s one factor of many others that help improve proven reserve numbers.
@Kamamura2
2 жыл бұрын
Yeah, keep on dreaming...
@Kamamura2
2 жыл бұрын
@@bigstylo Yes, improving the numbers - that's the name of the game. The physical production is another matter entirely...
@bigstylo
2 жыл бұрын
@@Kamamura2 and what’s wrong with the physical numbers of Saudi crude production? If they’re lying you would have seen that they can’t maintain the production numbers they are delivering for the past 35+ years. It’s funny how a lot in the west believe the reserve numbers claimed by some countries ie Venezuela while they are not producing anything physically that correlates to these claims, all while scrutinizing Saudi numbers.
@SerialChillerBH
2 жыл бұрын
One other factor is shale oil, easily said saudi’s eastern border holds a very large amount of undiscovered shale oil just for the fact that now is not the time that saudi needs it, bahrain which is located right on the eastern coast of saudi announced a very large discovery and its very likely that under saudi’s side of the border the rest of the reserve
@akbarattar5910
2 жыл бұрын
As a oil field worker, the only lie here is this video
@Lamalas
2 жыл бұрын
A good reason to overstate the reserves would also be to get more money for Saudi Aramco when it went public.
@anthracite3569
2 жыл бұрын
this video is total cap and i can prove it kzitem.info/news/bejne/rWuD2KGFfox9d44
@lastchang1061
2 жыл бұрын
IS ALLAH AFRAID OF ISRAELI MISSILES? STAY AWAY FROM ISLAM
@morceen
2 жыл бұрын
Aramco never went public. It was opened to only Saudi citizens.
@theinteloutside
2 жыл бұрын
working in saudi arabia for 15 years now,i can assure you there is still a lot of oil reserved being discoved every year,and it is always on public knowledge.nice content though
@@Anonymous-ld7je Most countries spent less on research and exploration, other than Aramco, it expanded
@BatCaveOz
2 жыл бұрын
There are some new discoveries eg the Abraq al-Toloul oil field, plus a couple of gas fields (Hadabat al Hajara, and Shadun)... the claimed volumes are all sketchy, and none come close to the older giant fields like Ghawar... which has been providing oil for over 70 years. Keep believing that propaganda though, bro.
@theinteloutside
2 жыл бұрын
@@BatCaveOz i would never believe in anything you will say bro,your not even here in saudi arabia,and you know nothing at all about whats going on in here🤣🤣🤣🤣🤣
@ReactHack-nr2zz
Жыл бұрын
OIL also means plastic, unfortunately. I think it is very difficult to find an alternative for oil in manufacturing and polymer chemistry
@joncampbell2298
2 жыл бұрын
These experts you keep on quoting, are they the same experts that were writing about peak oil in the early 2000's?
@anthracite3569
2 жыл бұрын
this video is actually cap and i can prove it kzitem.info/news/bejne/rWuD2KGFfox9d44
@faisal19951
2 жыл бұрын
😂😂😂😂😂😂💯
@D7EEEMA
2 жыл бұрын
The reason for the change in reserves is the same as how the Americans found oil in Dammam 7. Just dig a bit deeper and utilize better technology to get what’s down there out
@CordeliaWagner
2 жыл бұрын
Or swtich to renewables. It's better for the planet. Only stupid people don't care about that.
@lastchang1061
2 жыл бұрын
IS ALLAH AFRAID OF ISRAELI MISSILES? STAY AWAY FROM ISLAM
@Techtuyi
14 күн бұрын
Plenty of oil in Somalia and 60 years worth of untapped oil in Australia.
@sharrpshooter1
2 жыл бұрын
The amount of people defending SA here is genuinely worrying
@KerriEverlasting
2 жыл бұрын
Excellent production, very interesting and well researched. Great job. 💖
@LogicallyAnswered
2 жыл бұрын
Thank you Kerri! I really appreciate it!
@anthracite3569
2 жыл бұрын
this video is straight cap and i can prove it kzitem.info/news/bejne/rWuD2KGFfox9d44
@mjs8792
2 жыл бұрын
Dude relax we keep discovering new oil fields on yearly basis. Like the empty quarter desert that turned out to be far from empty.
@BlGDaddyRob
2 жыл бұрын
Demand also increases daily.
@martilix4470
2 жыл бұрын
@@BlGDaddyRob as the world moves more into green energy, I don’t think demand will be increasing all that much
@BlGDaddyRob
2 жыл бұрын
@@martilix4470 demand for energy overall increases every time a human is born, but yes I agree it would be possible to offset that with a higher increase in other energy sources. However, weve been moving towards renewables for decades now and oil usage(worldwide) is still increasing, and there is no guarantee that government policies might change to reduce renewable use in the near future. Its a balancing act that hasn't flipped yet toward demand reducing, though it very well might with the green incentives in the "anti inflation" act, the US at least is already trending down a little bit, but I dont know how much of that was the wars in the 2000s slowing down or covid which also temporarily caused a big hit.
@isaiahc8390
2 жыл бұрын
This world is rapidly passing away and I hope that you repent and take time to change before all out disaster occurs! Belief in messiah alone is not enough to grant you salvation - Matthew 7:21-23, John 3:3, John 3:36 (ESV is the best translation for John 3:36) if you believed in Messiah you would be following His commands as best as you could. If you are not a follower of Messiah I would highly recommend becoming one. Call on the name of Jesus and pray for Him to intervene in your life - Revelation 3:20. Contemplate how the Roman Empire fulfilled the role of the beast from the sea in Revelation 13 over the course of 1260+ years. Revelation 17 confirms that the beast is in fact Rome. From this we can conclude that A) Jesus is the Son of God and can predict the future or make it happen, B) The world leaders/nations/governments etc have been conspiring together for the last 3000+ years going back to Babylon and before, C) History as we know it is fake. You don't really need to speculate once you start a relationship with God. Can't get a response from God? Fasting can help increase your perception and prayer can help initiate events. God will ignore you if your prayer does not align with His purpose (James 4:3) or if you are approaching Him when "unclean" (Isaiah 1:15, Isaiah 59:2, Micah 3:4). Stop eating food sacrificed to idols (McDonald's, Wendy's etc) stop glorifying yourself on social media or making other images of yourself (Second Commandment), stop gossiping about other people, stop watching obscene content etc. Have a blessed day!
@stephen7774
2 жыл бұрын
So called "renewables" can't be renewed without oil. Its a catch 22 situation. lol.
@soldierandsunshineshow5583
8 ай бұрын
We will always need oil but it’s importance will diminish before their supply
@salehalghamdi7082
Жыл бұрын
I don't find a reasonable basis for concluding that Saudi Arabia's reserves are much lower than their official numbers. Their published reserves are consistent with the independent audit, and they are consistent with the experience in the U.S. of reserves growth despite significant oil production.
@AgentSmith911
2 жыл бұрын
It's not that interesting about when they "run out", but it's all about when their production peaks, as that's when they lose their position as a world leading producer and swing producer that can control their production by producing more when the world ask and depends on them to do so.
@srfrg9707
2 жыл бұрын
The "run out" phase is also an interesting subject, since the current production rate is not natural but accelerated by injecting sea water in the oil slick to pressure the crude oil up. As a result, the "run out" phase will occur quite suddenly. And dirty sea water does not sell well I have been told.
@randomguy7175
Жыл бұрын
Even OPEC without Russia can't do much harm to oil prices.. that's why they included Russia and formed OPEC+
@timeswillbebetter9850
2 жыл бұрын
I’m from SA , and I’m not in oil expert so maybe you’re right, but I have many friends that works on oils companies and the kingdom is pushing towards energy fields which don’t consent with your video especially with the high tech that aramco have rich , oil maybe in his way to end but don’t forget the huge amount of gas that has been discovered in the kingdom in the last few years & it’s big plan to convert to green energy ect.. , what I mean is your video is against the kingdom plan to steel the energy biggest supplement of the world
@rioluna6058
2 жыл бұрын
it wontmatter climate change would take some countries sooner than others but the middle east by the 2050 maybe even sooner wont be a good place to live , the middle east is heating 2 times faster than world according to new studies.. you think is hot now , by the end of this decade would be hotter and so on and so on ...ironic that the thing that makes your country rich is the same country the is gonna destroy it .. is sad really .
@standard-carrier-wo-chan
2 жыл бұрын
There are enough oil to last the world another 200 years, the problem lies in whether extracting them would be worth the cost or not. With fracking and retorting we're able to extract oil from rocks, maybe in the future we'll be able to scrape more oil from the leached amounts within the earth surrounding previous oil reserves. When oil prices rise, more expensive extraction techniques would be profitable, and thus suddenly increasing countable oil reserves. Most likely, Saudi Arabia just counted every single drop of oil they have, not necessarily the amount of profitable oil reserve they have, for the sake of selling more oil.
@oll9693
2 жыл бұрын
Russia have more oil but it needs to discover and cananda also need to discover
@dirtlump
2 жыл бұрын
NOPE..... the declines from 'peak' Oil on any reserve is a slow.... gradual.... decline in output, NOT a fall off a cliff.
@OpEditorial
2 жыл бұрын
Saudi oil is by far the easiest to pump, refine and export; Russia's oil is being sanctioned, Canada's oil has a bunch of gunk in it (tar sands) and Venezuela is a socialist basket case fortunately since MBS has taken control the west isn't getting their petrol with a side of Wahabism anymore, but when electric cars become the norm rather than the novelty it's this or nothing.
@ABC-ABC1234
2 жыл бұрын
"but when electric cars become the norm" ====> You do realize they will only become the norm after 2040 right?! (And even then you don't have a clear timeframe) We are WAAAAAAAAAAAAAAAAAAAY too far off from electric vehicles to become the norm anytime soon... If even China struggles in the EV market, you know this market has too many issues (mind you, this is the world's biggest investor in EV market!)
@yementribez3362
2 жыл бұрын
Don't be fooled Saudi Arabia has allot more oil than you think and so has yemen.
@henryfleischer404
2 жыл бұрын
"their cities are more modern than even western cities" But western cities have sewers. Dubai does not.
@simplyyellow6240
2 жыл бұрын
Dubai is not Saudi arabia
@kalebgonzales4009
2 жыл бұрын
Does Saudi have sewers? I was mostly focused on Dubai about that.
@simplyyellow6240
2 жыл бұрын
@@kalebgonzales4009 I think they have. Every year they hosting millions of pilgrimage from all around the world. Where do they throw the waste if they didnt have sewer. Using tank to suck every septic tank is inneficient,specially when the road to the area is filled with people
@kalebgonzales4009
2 жыл бұрын
@@simplyyellow6240 that’s good to hear but why did Dubai fail to do what Saudi did?
@simplyyellow6240
2 жыл бұрын
@@kalebgonzales4009 like any other "modern" people...they just wanna look good from the outside. So make over their landscape is priority,that's where the money go. Meanwhile they put aside the supporting facilities,cause it doesnt seen in the surface. Beside with that many desert,they think people can just go outside and poop on the desert then burry it like a cat 😂
@aaustin29111
Жыл бұрын
Irrelevant as due to global warming the whole area will become uninhabitable by 2050 - so diversification is pointless no one can live in 50 degrees Celsius
@bander-Coolb
Жыл бұрын
Lol we do in Saudi have you heard about it that’s what desert is
@glennchartrand5411
Жыл бұрын
You don't run out of oil It just keeps getting harder and harder to pump...eventually it costs more to pump than you can sell it for. Most wells become unprofitable to operate while the majority of the oil is still underground. This is what happened in most of America's oil fields, they are still chuck full of oil , but it cost about $50 a barrel to pump it out of the ground. When fracking was developed it lowered the price to $30 and you saw a huge surge in American oil production over the last 25 years. "Recoverable Oil" is based on the cost of pumping the oil to the surface vs the price you can sell it for. Saudi Arabia didn't find more oil , they increased their proven oil reserves by factoring in a much higher sell price and that made a much larger percentage of the oil under their feet "Recoverable". The sudden increase in "proven reserves" wasn't a lie , itwas an announcement that OPEC was going to artificially drive up the price of oil....and they did it.
@georgegonzalez2476
2 жыл бұрын
There is no such thing as a certain level of reserves. It depends on the technology used, and the price of oil, so any fixed number is definitely meaningless. If the price went up 50%, the reserves would go up almost as much. If they used fracking, up again.
@richardogunyale
2 жыл бұрын
Moreover, there are various Enhanced oil Recovery techniques to increase reserves
@anthracite3569
2 жыл бұрын
this video is complete cap and i can prove it kzitem.info/news/bejne/rWuD2KGFfox9d44
@isaiahc8390
2 жыл бұрын
This world is rapidly passing away and I hope that you repent and take time to change before all out disaster occurs! Belief in messiah alone is not enough to grant you salvation - Matthew 7:21-23, John 3:3, John 3:36 (ESV is the best translation for John 3:36) if you believed in Messiah you would be following His commands as best as you could. If you are not a follower of Messiah I would highly recommend becoming one. Call on the name of Jesus and pray for Him to intervene in your life - Revelation 3:20. Contemplate how the Roman Empire fulfilled the role of the beast from the sea in Revelation 13 over the course of 1260+ years. Revelation 17 confirms that the beast is in fact Rome. From this we can conclude that A) Jesus is the Son of God and can predict the future or make it happen, B) The world leaders/nations/governments etc have been conspiring together for the last 3000+ years going back to Babylon and before, C) History as we know it is fake. You don't really need to speculate once you start a relationship with God. Can't get a response from God? Fasting can help increase your perception and prayer can help initiate events. God will ignore you if your prayer does not align with His purpose (James 4:3) or if you are approaching Him when "unclean" (Isaiah 1:15, Isaiah 59:2, Micah 3:4). Stop eating food sacrificed to idols (McDonald's, Wendy's etc) stop glorifying yourself on social media or making other images of yourself (Second Commandment), stop gossiping about other people, stop watching obscene content etc. Have a blessed day!
@spencer1980
Жыл бұрын
The story of how your people took your oil back from the British is beautiful. It's a true under dog story. You actually saved and pulled yourselves up by your boot straps. I don't have the patience for that road.
@Friedfoodie
2 жыл бұрын
Saudi has $1.3 trillion in various minerals. Saudi Arabia is a vast country and large areas have not been explored properly. Added to this, oil extraction has improved vastly . Their extraction efficiency has tripled if not more so. This infers that their reserves are far bigger without needing further exploration..
@yaseenmalik1755
2 жыл бұрын
"Expatriates will soon leave the kingdom and the oil is running out " common comment surrounded 2 decades ago
@2ndviolin
2 жыл бұрын
they can always just abandon their skyscrapers and melt back into the desert where they came from.
@ahmedalsadik
2 жыл бұрын
It seems like your whole premise is based on the growing remaining reserves assessment after the Americans left, and you distrusting those figures. However, I believe remaining reserves are not estimated by giving a single number but is subject to a function which takes into account the moving technological cost of extraction. US reserves have soared too, not because more oil was found but the existing reserves became more accessible with new technology. It also matters how much profit margin they think they will extract, which is subject to moving market prices and futures. Of course they could be lying, but absent complete transparent data we just cannot say one way or the other.
@joesalyers
Жыл бұрын
Let me put this into perspective. Take America's Coal reserves as an example. Environmentalists and Fossil Fuel Experts would say on public television in the 1970s and 1980s that coal reserves would run out completely by the early 1990s. They came up with this number from test drilling done in the 1930s and 1940s. So Coal Companies did Core Drilling in the mid-2000s to find coal reserves in just 1 state, West Virginia and found that if the United States only mined Coal in West Virginia alone and not the other 8 states that have Coal they could supply North America (The USA, Canada, Mexico & Guatemala) with 80% energy each for GET THIS 1300 years. America and Canada are the #2 and #3 largest countries by land in the world. Mexico has a population about 1/2 the size of the USA so not small countries at all. Yes you heard that right 1300 years. So under the Bush Administration Coal Production increased after those findings. But the Obama Administration in 2009 added hundreds of new pointless regulation to mining and refused to issue yearly permits to power plants to change public perception. They also had the Media highlight 2 coal mining accidents to sway public perception. The Coal Power Plants were forced to switch to Natural Gas since they wouldn't be issued coal permits with the lie that Natural Gas was a cleaner alternative. But the problem was it takes 2.3 tons of natural gas to equal the same kilowatt hour of power as 1 ton of Coal and at that rate the Co2 is actually higher for Natural Gas. This is why every American's power bill has increased 130% since 2009. It takes 2 times as much Natural Gas to get the same power. They would use propaganda like 1 ton of natural gas is cleaner than 1 ton of coal, but they would omit the fact that it takes 2.3 times the Natural Gas (natural gas is just Methane) to equal the same power generation as 1 ton of coal basically making the gas is cleaner than coal argument pointless. America's cheap and abundant power was turned off for political points, yet it went on to destroy thousands of good paying jobs and affordable energy for the entire country. Upstanding hard working families were reduced to political pawns. So I said all of that to say, the Saudi's might have a massive oil reserve and want to keep it quiet due to fears of invasion or war. Modern Technology makes fossil fuel extraction so much easier today than compared to the 1990s. But then again the Saudi's could be lying only time will tell.
@limokiprono3337
Жыл бұрын
Oil is a renewable source of energy. This video makes sense only about Saudi Arabia only but we will never run out of oil.
@DONTworryIgotTHIS
2 жыл бұрын
The American Estimate was based on usable oil at the time in 1980 the US oil reserves were estimated to be about 36.5 billion barrels in 2016 that number was instead 35.2 billion barrels. Considering the united states has the highest consumption of any country, about 7 billion barrels per year, that means in just under 40 years we've found more than 250 billion barrels, does that make sense? OR Was that previous estimate based on availability regarding the technology of the time. Many reserves which were previously inaccessible have been made available through improvements in drilling and refining technology. Injections, directional drilling, seismic mapping. Tons of advancements have been made that allow fields that were previously thought of as depleted to continue producing for decades.
@calc1657
Жыл бұрын
This video made me wonder whether Saudi Arabia's decision to throttle their oil production indicated reserves closer to the 9-years suggestion.
@majedbineisa
2 жыл бұрын
Yes we're lying about it, ask any Aramco staff and they will tell you.. Aramco staff are over 66,000 by the way, The truth is that we have way more than what we say we have and normally Aramco announce half of what they find.
@samialkhammash1985
2 жыл бұрын
This same oil peak was said in 1990 and then again in 2000 and again in 2010.. and here you repeat it again in 2022. People in Saudi Arabia can shower and swim in oil +export for the next 100 years
@themalcontent100
Жыл бұрын
This might explain the push for green energy and electric cars. Oil and gas might be running out fater than anticipated.
@Theire1
Жыл бұрын
why do you think they are spending their money to diversify? they know the supply is not endless because it is not.
@wickedleeloopy2115
2 жыл бұрын
1973 oil crisis. Oh no we are running out of oil in 40 years... 2020 oh no we are running out of oil in 40 years.. Meanwhile prices sky rocket. The only thing to have changed is the price reset.
@tankandspank
2 жыл бұрын
Oil will not last forever, but most people live in the now...
@EatMyShortsAU
2 жыл бұрын
It probably is sketch especially since they have been exploiting the massive Ghawah field for decades and decades. Having said that I think there is too much focus on "reserves" in which is hard to quantity because it depends on different types of classifications such as proven, unproven, probable etc. Then you also have the technology, geopolitical and technological aspect to it all. I think we should really be focusing on production capacity and export volumes. At $100/barrel most non OPEC+ countries would be pumping as much oil as they can but they are pumping at capacity therefore can't increase production and is reliant on imports. There's no point counting Venezuela's massive reserves if they can't pump it out at a meaningful rate. In reality there are big 3 big boys the US, Russia and Saudi Arabia between them I think they pump like 1/3 of the world's oil. The US pumps a lot but also uses a lot so does not have much left to export therefore Russia, Saudi Arabia and the other OPEC+ members control the price and production of the world's oil. It is not the US, it is not Europe and it is not China.. (Edits: fixing spelling errors etc)
@roysmith3767
2 жыл бұрын
Search . ' What Was Saudi Arabia's Role in 911 . '
@markdejongh47
2 жыл бұрын
Thank you Vendetta.
@EatMyShortsAU
2 жыл бұрын
@@markdejongh47 You're welcome 🙂
@ShubhamMishrabro
2 жыл бұрын
Opec is sort of cartel they decide what will be the price of oil. They can make or break world economy
@EatMyShortsAU
2 жыл бұрын
@@ShubhamMishrabro They are 100% a cartel and that is not even disputed. Yes they can make or break the world economy (if they are united) but their main goal is not to break the world economy it is to make as much money as possible for as long as possible to stay in power and keep the world hooked on oil. Recessions like in 2020 is not good for business. Having said it is can also be a political tool, they can either starve(like in the 1970's) or flood the market(like in the 1980's) if they wish to.
@ninobelov4153
Жыл бұрын
The underground Oil is an energy source that is self renewal energy source. The underground oil will never be depleted as it is always being naturally created underground.
@nickford5549
8 ай бұрын
The higher the price the more oil becomes economical
@andyhun444
Жыл бұрын
I would believe absolutely everything that an Arab/Muslim state would say . They are such trustworthy people 🙄
@PittheadX
2 жыл бұрын
Pure and baseless speculation. You must be ashamed of yourself.
@icebluecuda1
2 жыл бұрын
You have no idea how reserves are calculated.
@nashidanthony481
2 жыл бұрын
If the Zam Zam water of Makkah can flow from the time of Prophet Abraham, don't you think the Almighty can make the oil flow in Saudi for as long as He wish?
@Speakurmind7
2 жыл бұрын
Let's just hope the world can use much less fossil fuel in the next 25 years!
@skipper4126
Жыл бұрын
In Australia, few years, they found about 230 billion barrels worth of oil in one of the hottest places in the world, hottest in the country, so hot, mosto f the town is under ground. And the oil is in shale.. so it's gonna take some time.
@MorganBrown
Жыл бұрын
The party would end quickly without constant supply of western oilfield services. Chinese can’t yet do the complicated stuff
@Screwball70
2 жыл бұрын
I remember a gvt scientists saying that globally there was 50 years oil reserves left,that was when I was a ten year old,45 years ago
@StrangeWorld11191
2 жыл бұрын
they maintain "good " oil price with lower production instead with the total availability. Higher producton would mean eventual price drop on global market (and they would run out of it even faster)...they instead tell the world they have enough to make everyone confidently relly on oil in the near future which leads to stable income for them and therefore enables them easy preparation for future without oil
@kilerik
2 жыл бұрын
Since my childhood, "Saudi/World oil is going to be depleted in X years" was a common theme. I started to ignore such discussion 10 years ago.
@furanduron4926
2 жыл бұрын
I guess Fusion energy isint the only running joke.
@mrvn000
2 жыл бұрын
(From Uruguay) Same here. I am 45 and I have heard Saudí Arabia will run out of oil a hundred times.
@Hypogeal-Foundation
2 жыл бұрын
@@furanduron4926 I guess you aren't the only running joke
@stephendoherty8291
2 жыл бұрын
Because in the meantime, the biggest user - US stopped needing Saudi oil and became an exporter. Other countries still have vast untapped reserves (Venezuela/Russia). Its not supply - its demand. KSA is still the cheapest per barrel producer and natural gas demand growth is rising while oil is flat or falling (albeit at a slow rate). The biggest oil consumer is now transport - electrify much of Europe/US/Japan/China and the demand falls even faster. Few use oil to make electricity and these are the largest car markets.
@DCWares
2 жыл бұрын
We got time yet. 2055!
@Scatteril
2 жыл бұрын
Not true I work as a geologist at Saudi Aramco. In the past decade we found so many new fields with huge reserves. In hafuf or even near Qassim. From 2019 we were asked to stop searching for new onse For political reasons. Final word : Saudi Arabia is a big country there are oil where ever we drill. I wish we had th same in my country
@Scatteril
2 жыл бұрын
I'm just assuming for political reasons lol. I have no idea why.
@funnykuwaitistrawberryelep3674
2 жыл бұрын
@@Scatteril It does make sense. Producing more than the current demand would decrease the oil prices. Its more profitable that way
Doesn’t matter if your country has oil. It depends on your government to determine if you will be oil rich. Case in point: look at Venezuela.
@nikolatasev4948
2 жыл бұрын
Oil in the ground does not suddenly run out, like a bottle would. As an oil well nears depletion, its output peaks and starts declining. This is also true for the output in an oil field, and generally for a nation as well. These are all reversible with improved technology - USA output peaked in the 70s, before recovering due to fracking. The fact that SA keeps their output stable suggests they are not yet peaked. Even if they peak tomorrow, or we see that they actually peaked a few years ago and managed to cover it up, this still means they have many decades of lower output.
@MrBobsmith34
2 жыл бұрын
Yes but is the potential for Fracking not very dependent on local condition?. So fracking requires a lot of water, for instance, so it would be tricky in a desert environment.
@Yousaf_Yunes
2 жыл бұрын
could not agree more....this guy is using estimates based on 1930s and 1970s technology saying "it doesn't;t add up",,,,,of course it doesn't....completely backwards
@martinfoose9852
2 жыл бұрын
@@MrBobsmith34 I wish they used water for fracking…
@daviducockny
2 жыл бұрын
When an oil field reaches declining pressure (half the reserve), they simply pump sea water into the reserve in order to increase pressure. That is how SA has been maintaining production for the past decade. In the oil peak graphic, SA has artificially generated a plateau , it will most likely (more than rise) decrease production in the near future.
@carlthor91
2 жыл бұрын
@@MrBobsmith34 I don't think that SA has oil shale, like North America has.
@SachinVats-
2 жыл бұрын
I would recommend getting your peer review your video with a petroleum engineer. While It is difficult to know the trust level of Saudi's published reserves, the logic and reasoning in this video are full of flow and naive.
@historyofdakkhan917
Жыл бұрын
India k paas saudi se jyada oil hai. Andaman me super middle east hai. Afsos vaha se ek gram oil nahi nikala
@emanuelzbeda1420
Жыл бұрын
I quit half way into the video. Never once is the possibility raised that the Saudis found new oil reserves through improved seismology technology or any others.
@dee-jay45
2 жыл бұрын
While I think SA is lying about their oil reserves, I also don't believe they will expire within the next 20 years.
@LogicallyAnswered
2 жыл бұрын
Yep agreed
@anthracite3569
2 жыл бұрын
this video is straight cap and i can prove it kzitem.info/news/bejne/rWuD2KGFfox9d44
@FitraRahim
2 жыл бұрын
@@LogicallyAnswered Nah... You just wanted to get viewers. At least why don't try another oil rich country, why pick Saudi Arabia.
@lastchang1061
2 жыл бұрын
IS ALLAH AFRAID OF ISRAELI MISSILES? STAY AWAY FROM ISLAM
@patifuso7562
2 жыл бұрын
@@FitraRahim why not?
@phred196
2 жыл бұрын
The term proven reserves evolves with time. When oil was first discovered essentially the way you got it is you stuck a bucket in and pulled up oil from the puddle on the surface. Over time our methods have gotten much more sophisticated to include drilling then deep Drilling then angle Drilling and then fracking. And our definition of provable Reserve has broadened to include oil recoverable under all of these methods. That's why across the world a proven reserves have steadily gone up for the past 50 years. So it is entirely possible that advances in drilling fracking Etc have in effect increased the amount of recoverable oil in Saudi Arabia. Of course it's also possible that they're lying. But when you consider that every other country in the world has taking advantage of every technology possible in order to increase their proven Reserves I think it's reasonable to conclude that saudi's reserves have gone up along with everyone else. Then again maybe I'm just a disinformation-bot from russia. Who can say right?
@randomguy7175
Жыл бұрын
Anything thinking that offends west is coming from Russian bots.. welcome to New Era..
@BleachRush
2 жыл бұрын
This video ignored 2 major factors: estimation could be inaccurate & there are way improved technology in extracting the oil. Anyone who worked in an oil industry knows this information. Also the video failed at explaining "why they're lying" because it doesn't makes much sense to lie if you want to keep the prices high. And moving from oil as a source for economic growth is always a better solution than staying the same. Everyone know the Oil will deplete one day, developing economy away from it is the right move because that takes alot of time.
@AnonymousReader-er4eg
2 жыл бұрын
It's obviously clickbait
@Monsterpala
2 жыл бұрын
The video explains why you would play the reservs up, especially when going public with Saudi Aramco. The 50% spike after the Americans left is reason enough to question the numbers. The prices are made by supply and demand, not future availability.
@prophetherbandderp2733
2 жыл бұрын
I tottaly agree that this video presented only one side of the argument, without even touching at least some of the explanations and evidence for the data posted by the Saudies. But to be fair they tried to make argument of why lie, based on that SA are using their reserves as a card to get slighly better recognition as a serious player on the international scene. I would also point out that the Saudi goverment, may be somewhat reluctant to tell its own citizens, that things may get worse in 10 years.
@sandwitht6264
2 жыл бұрын
sounds speculative.... lots of ifs and there is no real hard evidence...
@alexforce9
2 жыл бұрын
The question is - how better is the technology to get oil? I mean - is there other countries that got upraise of oil reserves since the 80s? How often the old estimates where wrong? And finally - when your whole existence is based on an export of commodity - to lie about how much you have of it is a good tactic to keep yourself in power. Specially if you have no other options.
@Ahtisham_Aziz
2 жыл бұрын
Oil reserves go up and down depending on if it is profitable to actually sell it, since the oil embargo oil prices skyrocketed and therefore what was earlier considered unprofitable to be refined was suddenly profitable and hence added to the reserves, Saudi Arabia has one of most cheapest costs to refine oil per barrel if i remember correctly it was around 8$ per barrel so therefore if oil prices keep going up so will their reserves (up to a certain point obviously)
@bambino2249
2 жыл бұрын
No , that is true for usa as the the prices go up it will be profitable for USA to sell oil, USA still own the largest oil reserves still, but they stopped mining it few decades back and just siting on it for the Saudi reserves to run out and prices rose so that they can sell their oil. So rising prices are only going to profit USA.
@dgart7434
2 жыл бұрын
@@bambino2249 bruh, I can promise you the US is producing a lot of oil. We didn't stop decades ago.
@budgetking2591
2 жыл бұрын
@@dgart7434 ya hes talking out of his ass
@budgetking2591
2 жыл бұрын
no, thats not how the calculate reserves, they just look how much is in there.......
@timeswillbebetter9850
2 жыл бұрын
8$ per barrel in russia 🇷🇺, 2$ per barrel in SA
@brekinla
Жыл бұрын
25% of the exportable oil comes from SA and another 25% comes from Russia. Another interesting fact, in the last 22 years half the oil ever produced was consumed. It would appear we are reaching the end of exponential growth and have a math problem, "you cannot have continued growth in population and you can't have continued growth in the consumption of resources."
@HanifNGX
2 жыл бұрын
There’s a reaseon why it’s called “Estimate” And don’t forget “the old expert” expect the US should have run out of oil in the 70’s,
@anthracite3569
2 жыл бұрын
this video is straight cap and i can prove it kzitem.info/news/bejne/rWuD2KGFfox9d44
@FitraRahim
2 жыл бұрын
Meh... in 2015 or something, some "expert" also says, Saudi Arabia could run out Oil in 5 years from now. Meanwhile oil production right now :
@lastchang1061
2 жыл бұрын
IS ALLAH AFRAID OF ISRAELI MISSILES? STAY AWAY FROM ISLAM
@Tonyx.yt.
2 жыл бұрын
peak production is different from end of production btw but yeah, i remember early 2000 "oil would be out by 2025-2030 at best" SURE...
@srfrg9707
2 жыл бұрын
Not run out but peak. And it did. It was conventional oil. Now we are fracking.
@JamesRoyceDawson
2 жыл бұрын
Any authoritarian nation should be inherently distrusted when it comes to statistics. It's like the study of light emitted into space by countries and how it correlated with economic improvement. Russia and China's light growth lagged behind their stated data when compared to western countries.
@LogicallyAnswered
2 жыл бұрын
Hahaha, I didn’t know that
@mennehgambia1962
2 жыл бұрын
This is very interesting
@masternobody1896
2 жыл бұрын
@@LogicallyAnswered sad saudi noises
@anthracite3569
2 жыл бұрын
this video is cap and i can prove it kzitem.info/news/bejne/rWuD2KGFfox9d44
@sampatkalyan3103
2 жыл бұрын
Lol and democracies should be trusted lol.
@unnamedshadow1866
2 жыл бұрын
Now we're starting the countdown for Saudi Arabia, last week was China. Wonder who is gonna be next week.
@kigitomora
2 жыл бұрын
Probably some eu member
@Ahmad-Nader
2 жыл бұрын
Please just read about Horizontal Directional Drilling (HDD), Smart Well Completion (SWC) and Horizontal Thrust Boring (HTB) and you'll understand how the proven reserves are climbing up instead of going down. A "smart" well produces on average 40% more oil than conventional wells, and that alone will dismiss your claims. There are so many fields discovered left and right, and all new fields are shut-in for future development. I think that the current oil reserves estimations are quite conservative compared to the reality!
@divjotsinghmanchanda6675
2 жыл бұрын
6:30 your argument against them increasing production is wrong. even 0.1% of mismatch between supply and demand can change oil prices by 10%. during covid, oil demand reduced by 5-10% and prices went negative when opec refused to decrease production. Doubling oil production would basically have the same effect, plus other OPEC countries don't let each other change production that easily anyways
@lossless4129
2 жыл бұрын
No colonel sanders. You’re wrong.
@isaiahc8390
2 жыл бұрын
This world is rapidly passing away and I hope that you repent and take time to change before all out disaster occurs! Belief in messiah alone is not enough to grant you salvation - Matthew 7:21-23, John 3:3, John 3:36 (ESV is the best translation for John 3:36) if you believed in Messiah you would be following His commands as best as you could. If you are not a follower of Messiah I would highly recommend becoming one. Call on the name of Jesus and pray for Him to intervene in your life - Revelation 3:20. Contemplate how the Roman Empire fulfilled the role of the beast from the sea in Revelation 13 over the course of 1260+ years. Revelation 17 confirms that the beast is in fact Rome. From this we can conclude that A) Jesus is the Son of God and can predict the future or make it happen, B) The world leaders/nations/governments etc have been conspiring together for the last 3000+ years going back to Babylon and before, C) History as we know it is fake. You don't really need to speculate once you start a relationship with God. Can't get a response from God? Fasting can help increase your perception and prayer can help initiate events. God will ignore you if your prayer does not align with His purpose (James 4:3) or if you are approaching Him when "unclean" (Isaiah 1:15, Isaiah 59:2, Micah 3:4). Stop eating food sacrificed to idols (McDonald's, Wendy's etc) stop glorifying yourself on social media or making other images of yourself (Second Commandment), stop gossiping about other people, stop watching obscene content etc. Have a blessed day!
@TheOtherNEO
2 жыл бұрын
There was a forum called “The Oil Drum” . There was one post about Saudi oil where one person was discussing this, and in particular why all the wells are on one side, and some are already sucking water. BTW, the well is balanced with clean water to maintain pressure.
@baz1184
2 жыл бұрын
Do they use sea water or fresh water?
@TheOtherNEO
2 жыл бұрын
@@baz1184 Desalinated sea water. You can’t use just sea water. Look up what happened to Iraq’s reserves
@HumbertoPatricio
2 жыл бұрын
Interesting!
@chubbyadler3276
2 жыл бұрын
Some things I didn't see you touch on include technology advancing, and the political climate behind the oil production of Saudi Arabia. Part of the jump may be due to a new method of extraction or refinement, with less consideration of the environmental consequences of the extraction methods, meaning they can draw the wells more deeply than they were able to in the early days. There is also pressures by OPEC and other agencies as well. I would only assume that the oil extraction and processing technology has only advanced, possibly at a faster rate than is allowed to elsewhere.
@humanitech
2 жыл бұрын
Lets be honest here ....our integrity and accuracy over production, or availability, yield or supply are often conflicting and variable ...and therefore often very questionable and problematic... Especially in valued commodities that are carefully controlled and guarded....especially where and when supply, demand and huge potentials profits (and loss) are involved .
@Longgreenbonnet
Жыл бұрын
This is incompetent. The premise ignores new discoveries after 1988. I worked in this Ghawar Field in the 1980s. Water flood was implemented in the mid-80s and field pressure remained stable and production increased. Plus Marjan, Khursaniyah, and other newlyy discovered fields l have added to Saudi reserves Perhaps the author could have consulted a consultant such as Dr Yeargin or anyone from the industry before reaching his conclusions. Clearly the entire video is just clickbait.
@GalactusOG
2 жыл бұрын
*Smoke weed every day.* *For your health.* *This is the way.💨🌲🌴*
@dexterbrown9681
2 жыл бұрын
If they are truly running out in a decade it should show on their production out put. Like algeria. Recouvrable oil should increase with technological advancement even from "depleted" fields without even discovering anything new. Main issue is that they aren't running out of oil, they are running out of cheap oil.
@12345Adekunle
2 жыл бұрын
Fact!
@aykuno25romer77
2 жыл бұрын
Can you please elaborate on algeria running out of oil
@dexterbrown9681
2 жыл бұрын
@@aykuno25romer77 They reached their peak production around 2008 1.4m barrel a day, then slowly declined to 1m a day per covid. Plus their local consumption is quite high, it is even about running out oil for them, they might not even be able to export any by 2030. Also during the algerian civil war in the 90s they suffered from not investing in their fields that's also catching up to them.
@aykuno25romer77
2 жыл бұрын
@@dexterbrown9681 Thanks for the explanation
@ABC-ABC1234
2 жыл бұрын
@@dexterbrown9681 Correction: they are still recovering from the Algerian civil war regarding oil infrastructure investments. I am tired of the Algerian corrupt leadership constantly BLAMING Morocco for their own sh-t!!! Whenever people revolt against their government, or complain of inflation, currency being wrecked etc. etc. They magically invent a scenario to blame Morocco! I can't wait for this trashy government to be democratically overthrown (Tunesia style)
@timthetiny7538
2 жыл бұрын
In 1970 the US had about 30 billion barrels of proven reserves. 120 billion barrels of production layer we've got almost 40 billion
@thefarstar4367
2 жыл бұрын
Interesting how no one's mentioned that remark at 0:52 - Saudi Arabia's cities may look "modern" aesthetically speaking, but no one in their right mind would call them "more modern than Western cities". Riyadh takes the American stereotype of a car-dependent shithole to an entirely different level. There's nothing "modern" about urban sprawl and neighborhoods where the nearest grocery store is a half-hour drive away.
@ahjotco906
Жыл бұрын
Plus Saudi Arabia has Mecca in which 1.5 billion Muslims worldwide would visit for their pilgrimage pouring revenues to Saudi Arabia forever.😊😊😊😊😊😊
@GaretZaugg
2 жыл бұрын
0:27 mentions Saudi Arabia while showing the Sand Hollow dunes in Utah. But seriously, what a well put together and eye opening video.
@MohamedAli-ci1xc
2 жыл бұрын
Video is all lies an easily disproven with ONE google search.
@anthracite3569
2 жыл бұрын
this video is absolute cap and i can prove it kzitem.info/news/bejne/rWuD2KGFfox9d44
@lastchang1061
2 жыл бұрын
IS ALLAH AFRAID OF ISRAELI MISSILES? STAY AWAY FROM ISLAM
@presleymeck
2 жыл бұрын
Stock videos for you
@mwgilmore9953
2 жыл бұрын
Running out of oil is not the important point here, it's peak production. As pointed out in many of the comments below, reserve revisions are common place in the oil patch. But reserve revisions do not help a "peaked" field. Prudhoe Bay is a great example. The original recoverable number was 10B bbls, it's past that now and there is probably another 2B bbls to be had from the play. It peaked in the late 80's at around 1.5M bbls/d, and today produces around 300K bbls/d. They have thrown every enhanced recovery method in the book at the field, to no avail. Production continues to decline, regardless of continued upward reserve revisions. Aramco has announced an increase of their capex to drive total "sustainable production to 13M bbls/d by 2027 "Saudi Aramco will keep raising capital expenditure until the mid-2020s as part of its strategy to raise oil production capacity to 12.3 million barrels per day by 2025 and to 13 million b/d by 2027, the company's top executive said. "We are progressing very well in our increase of capacity," Aramco CEO Amin Nasser said on a media call Sunday after announcing second-quarter results. Nasser said the capacity increase from the present level of 12 million b/d would be gradual, with maximum sustainable capacity rising to 12.3 million b/d in 2025, 12.7 million in 2026 and 13 million b/d by 2027. To support the capacity hikes, among other developments, Aramco is allocating capex to the tune of $40 billion-$50 billion this year, which will increase from 2023 until 2025, Nasser said. "There will be an increase year on year to meet our growth, not only in oil - in oil and gas, and hydrogen, crude to chemicals," he said. Capex rose 25% to $9.4 billion in the second quarter and by 8% to $16.9 billion during the first half of 2022, compared to the same periods in 2021, Aramco announced on the earnings call."
@N9_h
2 жыл бұрын
Ummm, i can hear probably and I don’t think…. Lots of opinions. Where are the actual data that you are talking about? And did you hear about OPEC? They cannot just pump up oil whenever they want. Brah be real 😂
@donmarek7001
Жыл бұрын
The late Matt Simmons wrote a book about this in the early 2000s called Twilight in the Desert. He took whatever publicly available data he could find to make the argument that SA was on it's way down in oil production soon. I wonder what he would say if he were still around.
@samiloom8565
2 жыл бұрын
The video ignored that the reserves are certified by third party most of them are american audit companies
@MWisknight
2 жыл бұрын
In my child life i remember we have been taught by experts we have worth of 70 years of oils. In any case these days people wants detail just take a move. While people in the past didn't need that much of details and numbers to make a move.....
@naddarr1
2 жыл бұрын
I have no doubt that an American company could easily be bribed to lie about the results.
@pietrotettamanti7239
2 жыл бұрын
@@naddarr1 by that reasoning we can't trust any data, so the oil may last for 2 days as well as 500 years more. You either accept the data or avoid making predictions altogether. Or produce your own data.
@cercaz
Жыл бұрын
We can only hope. So the civilized world can leave these people to their backwards ways
@hmu958
2 жыл бұрын
How amazing will the world be in 100 years when all that life giving carbon has been liberated and back in the nutrient cycles! Mega flora and fauna the planet will regreen. Fisheries explode in numbers with plankton blooms. Its not all doom and gloom.
@IceFloe.
2 жыл бұрын
They also said Nigerian oil would be finished by 2017 but it still has. You can never predict when natural resources will exhaust, they are always forming.
@wooeidikd9412
2 жыл бұрын
Lmao it takes millions of years to form and it mostly goes underwater. The tectonic plates just shifted them to some places around the world. Mostly in the Middle East. But you are right to say it will take a long long time to dry up.
@kennethferland5579
2 жыл бұрын
Some incresse in reserves are legitimate due to changing technology that makes more oil accessable, such as pumping sea water into fields to increese pressure. Also the main reason to overstate reserves is to incresse leverage in OPEC itself, as the allocation of production is based on reserves, we saw reserve inflation in all OPEC nations right at the same time and then freezes in thouse numbers, effecticly OPEC members decided on a truce and to freeze the allocation numbers by freezing their reserved numbers.
@olafseglem3366
2 жыл бұрын
Produceable oil can be increased by technology such as gas lift and water injection, such as done in Norway.
@danielverlander5025
2 жыл бұрын
What's the difference between "water injection" and fracking?
@Khalidisyna
2 жыл бұрын
@@danielverlander5025 water injection is used to 'push' more hydrocarbons to the pumps, while fracking is intended to fracture the shale rocks, releasing the hydrocarbons
@bighands69
2 жыл бұрын
@@danielverlander5025 Fracking involves tunneling boreholes through rocks by fracturing them using sand, gas and water. They can actually do horizontal drilling meaning then can drill down away from rocks and then drill sideways under rock profiles. Meaning both oil and gas that was before considered unreachable is now easily accessible. Robotics and new radar systems mean they are getting better and better at spotting the stuff. There is probably a whole layer of oil and gas just waiting to be exploited in the not so distant future.
@googleplex7097
2 жыл бұрын
Gas lift is an old tech
@srfrg9707
2 жыл бұрын
Best comment yet. I like the fact that you let the concept sink in peoples minds rather that explaining the consequences.
@deyaelyas8725
Жыл бұрын
I can only say it was entertaining. The author definitely understands basic math but is completely ignorant about the Oil industry and what it takes to book reserves on the books. He seems to be also totally unaware about the technological advancements in the extraction industry!!!
@markusgorelli5278
2 жыл бұрын
Venezuela's oil is "Heavy" to "Extra Heavy Crude." This makes it difficult slurp up from the ground. It is also high in Sulphur i.e. "Sour." The raw crude also has to be blended with lighter oils to facilitate processing. A refinery has to be modified to handle this so the market for this is actually a bit restricted.
@pablo-oq8is
2 жыл бұрын
Venezuela is a very big Country like every country some oil is heavy some is light this is a myth by their competitors the reality is Venezuela is full of oil and is not heavy at all some is light some is heavy Same as Saudi ...
@ttzzaa
2 жыл бұрын
Except the fact that Chavez ruined the whole Venezuelan oil industry.
@DanielSilva-jj2lz
Жыл бұрын
@@pablo-oq8is Venezuela needs 10 years of heavy investment to recover pre-communism levels of extraction, the question is, who is going to put 10 years of investment in a dictatorial communism country?
@uprobo4670
2 жыл бұрын
My dad been telling me they have been hearing about oil reserves, global warming since the 70s and earth has 20-30 years left, and I have been taught that too in the 2000s ... and here we go again ... this dude is telling me few decades now, i was told that few decades ago .... he is just trying to drive opinions for political reasons.
@AsfandiarTesla
2 жыл бұрын
Fake news, misinformation, bro. It's all fake content you are creating. Plus, you are creating noise pollution. Show your face while talking.
@KanishQQuotes
2 жыл бұрын
Petroleum is not just for driving vehicles Lot of other industrial chemicals including plastics
@MrArthoz
2 жыл бұрын
Oil is a finite resource...regardless if they have less than 10 years or decades more worth of supply, it will run out. Before running out, we will face an era of peak oil, the time when oil production have reach the max and starting to decline while demand steadily increases. Be ready for that era because the transition will be very painful for those who are unprepared.
@bighands69
2 жыл бұрын
You are talking crap.
@namonamo494
2 жыл бұрын
doesnt make any sense lets say they pretend to have 1000 gallon left, while in real they have 20 (number for exemple) they will sell thos 20 at the current prices or a bit more depending on world situation (hello russian war) now, considering they are such a huge part of oil on market, lets say they reveal to have only 20 gallon for the very same 20gallon the prices will skyrock rather fast and they'll get much more cash out of those they have no reason to lie (not in that way at least), it's only at their loss to do so
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