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Do Saudis have spare capacity? And why your standard of living hinges on it.

Submitted by Denis Tegg on 10 March 2011 - 2:21pm | Blog entry

The conventional response to a supply disruption like from Libya is -- no worries, the Saudis have heaps of oil and can immediately pump more to take up the slack. But do they? And what happens to oil prices if they can't?

Many astute oil experts have grave doubts about the Saudis much vaunted spare capacity. This is vital because Saudi Arabia is the world's largest producer, and up till now has been able to influence the world price by opening the oil taps. » Read more

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Peak Oil For Saudi Arabia confirmed by WikiLeaks

Submitted by Denis Tegg on 9 February 2011 - 10:00pm | updated 09 Feb 2011 | Blog entry

Projections by peak oil people that Saudi Arabia oil reserves have been grossly overstated (by 40%) and that the country can no longer prevent world oil prices rising have been confirmed in confidential cables from the US Consulate, released by WikiLeaks » Read more

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