Saudi Arabia Cutting Oil Production by 1 Million Barrels Per Day

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Saudi Arabia’s plan to cut one million barrels a day in February and March 2021.

This was a unilateral move. Russia and other oil countries will increase their production. The US shale oil producers will benefit as well.

Oil prices were up 5%.

SOURCE -CNBC
Written By Brian Wang, Nextbigfuture.com

33 thoughts on “Saudi Arabia Cutting Oil Production by 1 Million Barrels Per Day”

  5. As to H price, just saw that many new Earth solar farms are being ordered w/ 300% overbuild of the collectors, compared to *inverters* for output. This allow full output almost any day, and they just dump the excess if sunny day. They could make H.

  6. Depends on definitions. I call H *fool cell* cars electric cars. If you burn something in an ICE engine w/o motors, it is not an electric car, ignoring hybrids altogether. H cars are just standard battery cars with a big charger and far fewer batteries, so easy to switch to if already making, say, Teslas, and come to senses about H. Now, K was right about the "it in the near future" part, but only if we stay stupid and don't worry about global heating/Space Solar solution enuf, which would make H far cheaper too, even w/o the proposed majic plastic that stores H at no pressure. Or, ask those who can store H how they do it now.

  7. Well it sounds like you agree with Kehvan that EVs aren't the future for many users and they would go for fuel of some sort, (such as hydrogen if that becomes cheap (and storable)).

  8. Yes, power beaming directly to vehicles does not work, so THAT will never replace dense gasoline fuel. Power beaming to the local H tank does, and that allows H electric to replace gasoline fuel, esp when combined with the other factors mentioned. "and Space Solar. And C fee, and global heating. Prob other struff too." So, is K correct?

  9. Power beaming from space to large, large, fixed ground receivers is theoretically possible. I think we agreed on that.
    But this is in the context of powering vehicles. So not only do you need to lock on to moving targets (feasible enough) but you also need much, much higher beam intensities.
    Say we've got a car. And it's a great big car, and the entire roof, boot and bonnet are all microwave recievers so it's say 5 m long by 1.5m wide = 7.5 sq.m.
    You could probably get away with only 75 kW, cars of such size functioned just fine with that power back in the 50s… but modern expectation is that you have at least twice that. So 150 kW.
    (At least with no big battery pack on board, or fuel tank, or IC engine, the vehicle should be fairly light, say 1200 kg only, so it won't need as much power as a modern BEV.)

    So 150kW over 7.5 sq.m = 20 kW/sq.m.
    And that's assuming you can make a rectangular beam precisely aligned to the outline of the car. More likely you'd need a 1 m diameter beam aimed at the centre, with 150 kW over that beam size

    Enough to function perfectly well as a microwave oven.

    Enough to turn them into death rays.

  10. The argument floating around is that in the 1980s, the USA cared about middle east oil, because the US needed to import millions of barrels a day.
    Now the USA is about neutral or even an exporter, they have already pulled a lot of their forces out of the ME, and have little motivation to go back in.
    They might react to a sudden ME crisis, just on institutional force of habit. But if it happened today, for example, they might be too distracted by internal events.

    To actually refute my own original comment however, if Saudi Arabia thought the price of oil was going to shoot up, they would INCREASE production. Decreasing production is what you do if you think the price about to go down.

  13. They tried that back in the 80s during the war with Iraq. The US re-flagged the tankers and escorted them through the Gulf. It squelched the Iranian attempts to halt tanker traffic.

    The problem for Iran is that they don't have much of a navy. A hand full of small patrol boats. Some surface to surface anti ship missiles. Certainly nowhere near the forces needed to close it permanently. They could definitely cause a ruckus for a few days, and then we would crush them.

    Now, if the Chinese start building bases near the Straits of Hormuz we're talking a whole other ball game.

  14. Well, just like with how coal and oil form deep within the earth. It just takes time and max pressure. The ayatollahs are slowly being crushed under the weight of their own hypocrisy, terror, repression, and of course, the sanctions. Like all fools, they are their own worst enemy. Their self destruction is simply a matter of time (and max pressure!)

  15. Looking long term the trend is definitely away from fossil fuels and lubricants. Climate change is driving that. I expect oil to be around for quite some time, but eventually it will go the way of the dinosaur. It will just take time for it to be completely replaced by other non environmentally damaging substitutes. The question isn't if, but when.

  16. There's state and local taxes on fuel (by happenstance around 1 dollars per CO2 tonne equivalent per cent/gallon). EVs don't pay that, and I don't see carbon taxes ever getting much higher than that. As soon as GHG impact fees get implemented and like 1/3 of the miles driven on the road are EVs, you can be sure EVs will be paying their road fees some other way. So don't expect GHG impact fees to goose EV adoption; they're already subsidized (not a problem when less than 3% of new light vehicle sales are EV or plug-in hybrids but then hit 40%?) and those road tax subsidies will gradually be stripped away.

  17. Actually, you stopped responding when I informed you that all Space Solar Power Beaming has always had beacons, which you should check out!

  18. No, in fact Air Force just announced that they will use it Space to Space and Space to Earth, no prob with the tech. Please get in touch with the Air Force directly with your important conclusions about Power Beaming. I have no real interest in the topic, just go with the existing tech, which you have shown is impossible.

    https://breakingdefense.com/2020/11/afrl-ponders-solar-power-beaming-for-lunar-patrol-sat/

    https://thedebrief.org/air-force-spacecraft-will-beam-solar-power-to-earth/

  19. Dear Dan, I thought we agreed that power beaming was not technically possible last time we discussed this? Or have you forgotten?

  20. So, what you're saying is, you're not too bright.

    Democrats will destroy US domestic oil production vis-à-vis regulatory capture.

  26. You forgot H electric vehicles. And Power beaming, and Space Solar. And C fee, and global heating. Prob other struff too.

  27. That's pretty much all your friends in Iran and China, they put the environment last after profits.

    Just sayin'

  30. Ah ha! You've found me out! I'm not a scientist, nor did I do very well in hard science in school! Gee, who tf would have guessed?! xD You did remind me, though. I was thinking yesterday, "Has anyone done an idle test for electric versus gas vehicles? I'm pretty sure the gas vehicle could run longer with the A/C running, than even a current EV." I need to see if there's a test like that.

    Now, by energy density, do you mean, for example, how many batteries it takes to equal say the volume of a gallon of gas? If so, I totally get that. We aren't nwar that, yet. But it just depends on how quickly battery tech advances and how quick those advances get to market. I don't see it happening before 2030.

  31. Man, it seems you have literally no idea why we use hydrocarbon fuels, and why electric vehicles won't ever replace it in the near future.

    It's all about energy density.

  32. I'm not certain Biden will destroy our pil production. I think maybe he won't allow drilling in wildlife refuges (then again, whether or not that's even a thing that was ever going to happen in the first place is debatable; maybe it was never on the table).

    But, perhaps gas prices will increase (BOOOOOO lol) for a while. Eventually we won't need as much oil for the auto industry, though, because automobiles and even heavy vehicles are going to be electric. That said, though, we're still going to need oil until we come up with better lubricants, etc. And I don't really think an oil replacement for other things is anywhere on the horizon.

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