28-11- 2018
RiyadhNewspaper
Fahad Binjumah
Saudi oil produced between (9.7-10.7) million barrels in recent years and still, based on the fundamentals of the global oil market and maintain its stability and balance, when constantly stimulated prices Investments in upstream Upstream. Despite rising production, production capacity, however, did not diminish but may increase in the future with continued development of oil reserves in the world oil demand growth and fluctuations and declining production capacities for some producers and likely to be more severe in the future. This is indicated by 2018, Aramco's report that crude oil reserves (256, 737) million barrels in 2017, while the reserves of oil and condensate (260.86) billion barrels, the highest level in 2012 and 2013 (600) a barrel and slightly less for 2014 and 2015 (239) Barrels, which emphasizes her staying in 2017 and 2018, despite rising production from (9.7) million barrels in 2012 and 2013 and arriving (10.2) (10.7), (10.2) million barrels a day in 2015, 2016, 2017 m respectively, while total reserves: oil, condensate, gas Natural, fluid (332.9) billion barrels equivalent in 2017. And Saudi Arabia is well aware of the dimensions of the theory of peak oil demand (Peak Oil Demand) and slowing annual demand average (1%) Annually and its impact on oil prices amid high elasticity of supply, but also realize that oil and bodily fluids, and still remains, represents the bulk of the world's energy consumption by percentage (33%) Currently, (31%) In 2040, especially in the transport sector and other industries for decades to come, IEA 2017, and don't miss the relative distinguished investment strategy plans low-cost productivity and higher installed and potential reserves with production of some producing States, which will create a large gap between supply and demand Future oil, enabling them to increase production and achieve the greatest possible returns at high prices. And this goes on Saudi oil and Saudi Aramco management firm and a leader of the global oil market in the face of the challenges of peak oil production Peak Oil Production and safe from depletion over (71) years now and produce 10 million barrels a day at current reserves, which grew in previous decades, especially In recent years, despite the arrival of production to its highest level, indicating a continued expansionary policies in Saudi oil, using sophisticated techniques Aramco supports extraction and upgrading wells and invest more in exploration and development of new fields (slopping, alzmol) offset by What is annual consumption and achieve energy security and meet present and future world demand.