Record Oil Outputs in Saudi Arabia Fail to Ease Shortage Anxiety

Saudi Arabia, along with OPEC neighbors Kuwait and the United Arab Emirates, exported a record high of crude oil this August. Despite pumping out 10.2 million barrels per day, the fastest rate in 32 years, Saudi Arabia was unable to offset OPEC’s 0.8 percent decrease in oil production, attributed largely to instability in Libya and tough sanctions on Iran. As a number of OPEC countries face stagnant or falling production and oil prices creep steadily upwards, the question of whether Saudi Arabia can offset further shortages is more pressing than ever.

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Saudi Arabia’s National Security Relies on a New Deal with the US

The cornerstone of Saudi Arabia’s national security strategy has been the de facto alliance with the United States that has been in place since 1932. The basic bargain was, that in return for US control over access to Saudi oil, Washington would guarantee the political, military and economic security of the kingdom.

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The US Is Well On Its Way To Replace Saudi Arabia As The World’s Largest Oil Producer

The impact of the US shale “revolution” has people all around the world scratching their heads – over what it means: Is North America really on the road to self-sufficiency? Of oil, of gas, or of all fuels? And increasingly, people wonder about the implications for their own regions: Are there similar resources? What would it take to get at them?

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US could soon overtake Saudi Arabia as world’s biggest oil producer; output is booming

NEW YORK,N.Y.-U.S.oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world’s biggest producer.

Driven by high prices and new drilling methods,U.S.production of crude and other liquid hydrocarbons is on track to rise 7 per cent this year to an average of 10.9 million barrels per day. This will be the fourth straight year of crude increases and the biggest single-year gain since 1951.

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GUSHER! WHY THE IMMINENT SAUDI LEADERSHIP CRISIS & THE ISLAMIC REVOLUTION = $300/BBL OIL

There is little that would rock the oil world more than a revolution in Saudi Arabia.

But with a coming leadership crisis, it is becoming all too likely.

Saudi is facing major economic challenges as dramatic increases in social spending and domestic fuel consumption eat through the kingdom’s all-important oil revenues.

Read more: http://tinyurl.com/8or2d65