Saudi Arabia may go broke before the US oil industry buckles

darkpagandeath

enfant terrible wrote: »

I saw a documentary that said we will soon reach "peak oil" and the world economy will collapse

Also overpopulation, climate change and finally a super volcano will completely destroy the human race.

And a mega tsunami solar flair also a meteor strike/comet. Or a Gamma Ray burst Earth core shutting down the list goes on. :pac:

uch

darkpagandeath wrote: »

And a mega tsunami solar flair also a meteor strike/comet. Or a Gamma Ray burst Earth core shutting down the list goes on. :pac:

Don't be silly if there's a Gamma Ray burst we'll all just turn into Incredible Hulks

nokia69

Russia is NOT going back to the dark ages LOL

darkpagandeath wrote: »

:pac:

how long will this decline to the dark ages take, unlike most of the other countries in OPEC Russia has other elements to its economy which can be developed and the sanctions with Europe won't last forever

so I agree that they will have problems in the years ahead, but they have seen far worse not too long ago

mad muffin

Did anyone else think penis nose? :pac:

masculinist

This news just made my day

Zillah

nokia69 wrote: »

Yemen is the future of the arab world

...what? Why? Isn't Yemen a largely undeveloped backwater currently rife with sectarian conflict?

KingBrian2

Saudi Arabia is the biggest source of terrorism in the Arab world. If they go broke they deserved it.

nokia69

Zillah wrote: »

...what? Why? Isn't Yemen a largely undeveloped backwater currently rife with sectarian conflict?

well yeah, just like much of the arab world

people won't pay $147 for a barrel of sand, and apart from sand, oil, and religion, what do the saudis have

BlaasForRafa

nokia69 wrote: »

and apart from sand oil and religion what do the saudis have

an innovative technological sector and a vibrant service economy....oh wait er nothing...:pac:

JONJO THE MISER

smurgen wrote: »

Horrible country.was living with an Indian chaps who's father was a doctor there for years.he said the place was like a prison for them and they were subjected to daily racial abuse by the locals.the sooner they don't have a pot to piss in the better.they're poisonous.

Exactly, there pure savages, sooner there eating sand again the better.

fleet_admiral

Feck. I only noticed a drop in the price of diesel below 120 tonight in the maxol in Harolds Cross. That will be up tomorrow no doubt

NachoBusiness

Was watching some docu last year that said the planet is very close to using 100 million barrels of oil per day.

They said to imagine Niagara Falls flowing oil instead of water for around 7 hours straight, each day, every day and that that would be it's equivalence.

Then again, could have just been an episode of The Beverly Hillbillies I'm remembering.

Wompa1

Things are working out pretty good for the US right now. They slowed down on the fracking because like someone else mentioned. It costs about 50 dollars a barrel to produce....now they can buy it for less from the Saudi's. A Saudi fella had said they were fine with the drop in price and it seemed fair. I would think they now know, the US can turn around tomorrow and start producing more of their own oil if they go over 40-45 a barrel.

Ultimately like somebody else said. This is the time to pursue alternative sources. Ironically, a former Republican candidate in the US, John McCain was pushing that as part of his campaign.

I'd bet oil companies would be up for it too...people think it's a war for oil and the oil companies will keep others out...the oil companies have more money than God and politicians in their back pockets. They can be the ones to sell the alternative sources and set the price they want. It's their world. We're just spectators

Voodoo_rasher

Their working-age population by then may likely be heading where 100,000s

of Syrian Arabs, Afghans, Eritreans and Sub-Saharan Africans are going now..That is when there is nothing to hold them back over there.

Bigus

Voodoo_rasher wrote: »

Their working-age population by then may likely be heading where 100,000s

of Syrian Arabs, Afghans, Eritreans and Sub-Saharan Africans are going now..That is when there is nothing to hold them back over there.

They're too lazy and work shy to head anywhere.

Zillah

It's such a shame that they've squandered their wealth so much. The greatest financial bonanza the world has ever seen and instead of using it to transform their country into a diverse and prosperous nation with strong industry and an incredible nest egg, they've indulged in populism and exorbitant waste. With the amount of sun Saudi Arabia gets they could have arranged it so that they would become a solar power powerhouse as soon as they can't rely on the oil any more. Imagine, Saudi of the future entirely green.

Nah lets just create another water garden in the desert.

Menas

I am scratching my head here to find nice things to say about the Saudi's...and I cant.

I have a buddy working in Riyadh at the moment. He is getting very well paid for been there with his family...but hates the place. Not sure the money is worth it.

arayess

KingBrian2 wrote: »

Saudi Arabia is the biggest source of terrorism in the Arab world. If they go broke they deserved it.

who else deserves "it"?

USA? Israel ? UK?

Maybe most countries are cnuts one as bad as the other in their quest for natural resources.

masculinist

Voodoo_rasher wrote: »

Their working-age population by then may likely be heading where 100,000s

of Syrian Arabs, Afghans, Eritreans and Sub-Saharan Africans are going now..That is when there is nothing to hold them back over there.

Let the Saudis live in their own excrement. They were not a colonized country and they never welcomed anyone foreign or different into their own country except for harbouring despots like Idi Amin. The west owes them nothing and has already given them money in return for oil beyond the dreams of the Arabian Nights tales. In their case any PC attempt to load some additional imaginary guilt onto the shoulders of Europeans wont work. Saudi is one of the most racist intolerant countries in the world and they still enslave Filipinos and bonded serfs from the poorest parts of India etc. Slavery there is very real.

That whole region is royally screwed. They desperately need unbelieveable amounts of water and how will they run desalination plants when there is no oil ? It's game over then. I predict the undeserving dictator royals of Saudi Arabia will take their trillions and go live in Switzerland and leave their religiously brainwashed population behind. Poverty will bring humility and impotence. it is an unbelievabe absolute testament to their uselessness to the world that they have produced no industry , no big companies and nothing of value whatsoever despite multiple generations of them being gifted with free pensions and top class incomes for life in the form of oil.
I was just thinking. When have you ever bought a product which had a ''Made in Saudi Arabia'' label written on it? I can't even think of one.


.

arayess

Menas wrote: »

I am scratching my head here to find nice things to say about the Saudi's...and I cant.

I have a buddy working in Riyadh at the moment. He is getting very well paid for been there with his family...but hates the place. Not sure the money is worth it.

Not just you - but some amount of comments here about the Saudi's and Saudi Arabia that if were said about any african country and its' people would have the righteous screaming "racialist, racialist"...

I guess you can only be racist to black people.

Menas

arayess wrote: »

Not just you - but some amount of comments here about the Saudi's and Saudi Arabia that if were said about any african country and its' people would have the righteous screaming "racialist, racialist"...

I guess you can only be racist to black people.

My comment has nothing to do with their race...it is their nationality. Two different things.
Had I said "hard to find anything to like about Arabs" then that would be different

arayess

Menas wrote: »

My comment has nothing to do with their race...it is their nationality. Two different things.
Had I said "hard to find anything to like about Arabs" then that would be different

race / nationality - sorry my terms are wrong but the point remains.

Menas

arayess wrote: »

race / nationality - sorry my terms are wrong but the point remains.

But it doesnt. You said that if we said what we said about an aftican country then that would be racist.
It wouldnt.

jimgoose

It's no harm finally for the Yanks et al to have a way of keeping some sort of ceiling on crude prices. Also, it costs a lot of money to live the way many of the Arabs live over that direction - irrigation, Dubai, Bentleys, air-conditioning and so forth. I'm reminded of what a Wesh Cork man said to me last year - "Sure you'd want a great job altogether to keep a farm going these days!" :pac:

My brother is involved in an industry that isn't about oil, but is reliant on it in many ways, and from what he's been saying, it's quite difficult to get work because the oil industry is going through a knockback.

Bigus

masculinist wrote: »

I predict the undeserving dictator royals of Saudi Arabia will take their trillions and go live in Switzerland and leave their religiously brainwashed population behind. Poverty will bring humility and impotence. it is an unbelievabe absolute testament to their uselessness to the world that they have produced no industry , no big companies and nothing of value whatsoever despite multiple generations of them being gifted with free pensions and top class incomes for life in the form of oil.



.

As you correctly predicted

They bought berlusconi's bunga bunga mansion

http://www.dailymail.co.uk/news/article-3191973/Berlusconi-sells-68-room-Sardinia-mansion-Saudi-royals-whopping-350m-bunga-bunga-girls-not-included.html

smurfjed

He said you have to literally walk along in the road if there are Arabs walking towards you because they will kick you in to the road it they feel you haven't adequately acknowledged their place above you in the hierarchy.

Yet these same nationalities live for decades in Saudi and even bring their families to work there, something strange in that logic considering that its a country treating them so badly.

riclad

they would be fine if they were more like norway,
invest maybe 30 per cent of the oil income in shares etc and put the profits into a account to cover health care ,infrastructure.
They spend billions on arms , and they have not encouraged any native industry apart from oil production.
The price of oil is low so alot of new oil wells, exploration have been put on hold.
increasing production when oil price is low makes no sense.
They are spending as if the oil will last forever .
like ireland in the boom they need to hire some good economists .
if petrol was expensive and other goods were the real price ,
they might have a revolution.
they don,t make things in saudia arabia ,
Apart from exporting oil.
Look at ireland our politicians don,t plan more than 3 years ahead.
I don,t see much chance of things getting better in saudia arabia .

KingBrian2

masculinist wrote: »

Let the Saudis live in their own excrement. They were not a colonized country and they never welcomed anyone foreign or different into their own country except for harbouring despots like Idi Amin. The west owes them nothing and has already given them money in return for oil beyond the dreams of the Arabian Nights tales. In their case any PC attempt to load some additional imaginary guilt onto the shoulders of Europeans wont work. Saudi is one of the most racist intolerant countries in the world and they still enslave Filipinos and bonded serfs from the poorest parts of India etc. Slavery there is very real.

That whole region is royally screwed. They desperately need unbelieveable amounts of water and how will they run desalination plants when there is no oil ? It's game over then. I predict the undeserving dictator royals of Saudi Arabia will take their trillions and go live in Switzerland and leave their religiously brainwashed population behind. Poverty will bring humility and impotence. it is an unbelievabe absolute testament to their uselessness to the world that they have produced no industry , no big companies and nothing of value whatsoever despite multiple generations of them being gifted with free pensions and top class incomes for life in the form of oil.
I was just thinking. When have you ever bought a product which had a ''Made in Saudi Arabia'' label written on it? I can't even think of one.


.

They will have to watch themselves they have upcoming competitors Qatar, United Arab Emirates, Kuwait all of whom are far less abusive then Saudi Arabia, what those small countries lack in size they gain in international respectability plus the really big powers of Iran and India now on course to sell resources in China, Japan and Russia. Looking interesting in that part of the world.

Kermit.de.frog

The UAE is the most progressive of the lot. Their laws are very strict (basically they don't put up with much from foreigners acting up in their country) but their people, and they are a minority in their own country, live extremely wealthy lives and are looked after. TBH they deserve their good fortune. The post about the camel is a good one. They were essentially Nomads only 20 years. A hellish place to try and live. They deserve their wealth after that.