Word: oil
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...climbing with ropes. As a teenager, he took off for hiking trips with his friend Hans Thomassen, with little more than a tarp and his mother's sandwiches. She recalls that "he was always an adventurer, just like his father"--a salesman for an oil company. Indeed, along with mountaineering, Brabeck today enjoys glacier hopping in a Piper plane with high wings and retractable skis...
Between 1950 and 2005, the world's use of oil grew more than eightfold, bringing global demand to 85 million bbl. of oil per day. Despite that incredible growth, the world's oil appetite is just getting a head of steam, as countries like China and India finally move toward lifestyles comparable to those of Europe and the U.S. Most oil-forecasting models show demand rising to between 120 million and 130 million bbl. per day by 2025 or 2030. The only way this demand can be met is for most of the additional supply to come from the Middle...
...decades, almost all public-policy planners, aided by most oil experts, assumed that the Middle East had vast quantities of proven oil reserves that could be extracted at extremely low cost, thereby enabling oil demand to grow to almost any level. Anchoring that belief is a hope that Saudi Arabia's oil production can increase from around 9 million bbl. a day in 2005 to 25 million or even 30 million bbl. a day by sometime between...
After spending more than two years researching my book Twilight in the Desert, I am convinced that it is highly improbable that Middle Eastern oil--and particularly Saudi Arabian oil--can grow to those far higher levels. Instead there is a risk that Saudi Arabia's oil output and the rest of the Middle East's oil supply may start to decline...
Saudi Arabia's specific production risk stems from the fact that almost 90% of its supply comes from only five key but aging giant oil fields. Each of those aging fields is exposed to a potential production decline. The implications of this risk are enormous, since 35 years of intense exploration in the kingdom has unearthed only one significant new oil field, Shaybah. Its peak production is less than 3% of Saudi Arabia's oil output...