My Daughter

My Daughter
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Tuesday, June 24, 2008

According to the most recent EIA chart below, Saudi net oil exports have fallen more than 1 million bpd average, from 9,095,559 bpd average in 2005 to 7,925,464 bpd average in 2007:

And so far, it appears that Saudi total oil production had peaked at 11,095,559 bpd average in 2005. Was down to 10,236,101 bpd production average for 2007: At the same time, Saudi domestic oil consumption continues to increase at a steady pace: And so does total Saudi domestic energy consumption:
Source: EIA This probably isn't 'news' to anyone here. Still, interesting to see their exports dropping at a time when the world needs more oil than ever before. Saudi domestic oil consumption appears to be increasing about 275,000 bpd per year the last few years. Even if they increase oil production some, will it get sucked up domestically instead of being exported?

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