And introduced the petro-yuan.
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a money spinner
I'm sorry. What the fuck is a money spinner?
What is more, Saudi Arabia has 68 years of reserves at 2024’s production rate. The world will probably have stopped using hydrocarbons long before those run out. So any crude it does not pump today could be money lost forever.
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Holy. FUCKING. SHIT! That is a lot of oil!
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But the math doesn't check out. The world uses about 37 billion barrels annually. Saudi Arabia has ~260 billion barrels in reserve. That's more 7 years of global oil reserves. It would cover about 40 years of US oil use. And it would cover the modest Saudi annual useage for over 200 years. So no matter which way you slice it, the math is funky here.
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Something else I just discovered. Saudi Arabia does not have the world's largest oil reserves. That honor goes to....drumroll....yep, you guessed it. Venezuela.
What is more, Saudi Arabia has 68 years of reserves at 2024’s production rate. The world will probably have stopped using hydrocarbons long before those run out. So any crude it does not pump today could be money lost forever.
I dont understand this logic. If they don't pump it, we might not ever use it? And by reserves, I'm assuming they mean unpumped reserves?
I think they mean if they don't sell it before we stop depending on oil, they won't make any money out of the dinosaur juice in the ground.
The same reason that DeBeers doesn't flood the market with diamonds.
OPEC has always been about manufactured scarcity. It's not a bad scheme, if you have a heavily concentrated, limited resource. The difference, of course, is that oil is actually useful. So might as well pump it while you can, store it where it's easy to get and ration it out.
Saudi Arabia pumps 8 million barrels a day or 2.9 billion barrels annually.
On the other hand, what the U.S. president calls a “lovely stay” in the Gulf is so unpopular with American voters that he may quit without restoring the free flow of tankers. Trump said on Tuesday he will finish the war in two to three weeks even if there is no deal
I doubt that that's because Trump is concerned about the popularity so much as that if he doesn't get an AUMF from Congress, that's about how much time he has left.
So he's going to want to declare victory, regardless of what the situation is, at that point.
... if he doesn't get an AUMF from Congress, that's about how much time [2-3 weeks] he has left
Trump says 2 weeks you can interpret that as forever or never. It's a well documented Trumpism.
It's not just the reality of Iran being able to do it. Iran also has huge reconstruction costs due to the bombing campaign.
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