Brief history of Saudi
Jun 6th 2005, 6:37 pm
#91
**** it we'll do it live
Joined: Oct 2004
Location: Dubai
Posts: 7,892
Re: Brief history of Saudi
Originally Posted by Jammy_Dodgers
Everybody does it...but nobody talks about it...when they are there!
I used to get vodka from a compound near Olaya...was easy. Im sure regular people and police turn a blind eye..its just the religious police that are a nightmare.
Was in a Saudi resturant the other night and saw two lads pouring vodka in their fruit cocktails when the staff were not looking. they knew i saw them but just grinned over at me.
Anyway, just about to go out and explore the resturants of Jeddah again tonight, so I gotta go...catch you all later.
I used to get vodka from a compound near Olaya...was easy. Im sure regular people and police turn a blind eye..its just the religious police that are a nightmare.
Was in a Saudi resturant the other night and saw two lads pouring vodka in their fruit cocktails when the staff were not looking. they knew i saw them but just grinned over at me.
Anyway, just about to go out and explore the resturants of Jeddah again tonight, so I gotta go...catch you all later.
hey mate, give jimbo a call he'll know where theres a good party with free flowing booze and bacon sarnies lol
Jun 6th 2005, 9:09 pm
#92
Up in the air
Joined: Oct 2004
Location: I'm global baby!!!!!!
Posts: 7,263
Re: Brief history of Saudi
Originally Posted by shiva
hey mate, give jimbo a call he'll know where theres a good party with free flowing booze and bacon sarnies lol
Jun 7th 2005, 6:57 pm
#93
**** it we'll do it live
Joined: Oct 2004
Location: Dubai
Posts: 7,892
Re: Brief history of Saudi
Originally Posted by Jammy_Dodgers
Hey Shiva, Still got his number, may give him a call next week as im working most nights in my hotel
well thats just poo for poor you. when you back?
Jun 9th 2005, 5:43 pm
#94
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: Brief history of Saudi
Originally Posted by Jammy_Dodgers
And a potential infantry size that dwarfs America and the UK combined
But anyway, getting back on topic, which is an interesting one...Just curious to know what the re-newable resources situation is like in the ME? Much uptake in solar and wind? What with the deserts, must be quite a lot of potential for it?
And going back to JD's earlier point about Alaska, Bush wants to drill it and will once they get a pipeline going, massive reserves, but it's not popular...but it's one way of reducing the reliance on the ME.
Jun 9th 2005, 6:19 pm
#95
Premium Member
Joined: Oct 2004
Location: Abu Dhabi soon
Posts: 4,123
Re: Brief history of Saudi
Originally Posted by Bob
Food and sanitation would be there downfall....a massive army isn't easy to maintain healthly....desease was the biggest killer in the napoleanic wars and sanitation issues are still a problem with any large infantry based army.
But anyway, getting back on topic, which is an interesting one...Just curious to know what the re-newable resources situation is like in the ME? Much uptake in solar and wind? What with the deserts, must be quite a lot of potential for it?
And going back to JD's earlier point about Alaska, Bush wants to drill it and will once they get a pipeline going, massive reserves, but it's not popular...but it's one way of reducing the reliance on the ME.
But anyway, getting back on topic, which is an interesting one...Just curious to know what the re-newable resources situation is like in the ME? Much uptake in solar and wind? What with the deserts, must be quite a lot of potential for it?
And going back to JD's earlier point about Alaska, Bush wants to drill it and will once they get a pipeline going, massive reserves, but it's not popular...but it's one way of reducing the reliance on the ME.
One of the corporate initiatives for 05/06 is to raise the profile of crude ........strange but true.
They are also investing billions in gas production.....theres enough gas to keep the world going for 80 years, from Saudi alone..........
Jun 9th 2005, 7:04 pm
#96
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: Brief history of Saudi
Originally Posted by Truth Speak
.....theres enough gas to keep the world going for 80 years, from Saudi alone..........
Jun 9th 2005, 8:02 pm
#97
Forum Regular
Thread Starter
Joined: Apr 2005
Posts: 90
Re: Brief history of Saudi
Originally Posted by Truth Speak
Believe it or not, Saudi production is almost maxed out...they can only produce another half million barrels a day. But China's demands are so high they are constructing alot of new wells, enough to double output....
One of the corporate initiatives for 05/06 is to raise the profile of crude ........strange but true.
They are also investing billions in gas production.....theres enough gas to keep the world going for 80 years, from Saudi alone..........
One of the corporate initiatives for 05/06 is to raise the profile of crude ........strange but true.
They are also investing billions in gas production.....theres enough gas to keep the world going for 80 years, from Saudi alone..........
Curious... what is the difference between different oils?
Like Brent crude and ME crude and all the others. And they're also different prices per barrel. Why is that?
Jun 9th 2005, 8:13 pm
#98
Restless soul
Joined: Dec 2004
Location: Dubai
Posts: 556
Re: Brief history of Saudi
Originally Posted by stormer
TS
Curious... what is the difference between different oils?
Like Brent crude and ME crude and all the others. And they're also different prices per barrel. Why is that?
Curious... what is the difference between different oils?
Like Brent crude and ME crude and all the others. And they're also different prices per barrel. Why is that?
I've heard of 'sweet' oil....and 'sour' oil...sour is the oil from this region which produces loads of smelly sulphur.....I think different oils use differe.....ooh here you go:
Ive copied it for youWest Texas Intermediate
West Texas Intermediate (WTI) crude oil is of very high quality and is excellent for refining a larger portion of gasoline. Its API gravity is 39.6 degrees (making it a “light� crude oil), and it contains only about 0.24 percent of sulfur (making a “sweet� crude oil). This combination of characteristics, combined with its location, makes it an ideal crude oil to be refined in the United States, the largest gasoline consuming country in the world. Most WTI crude oil gets refined in the Midwest region of the country, with some more refined within the Gulf Coast region. Although the production of WTI crude oil is on the decline, it still is the major benchmark of crude oil in the Americas. WTI is generally priced at about a $2-per-barrel premium to the OPEC Basket price and about $1-per-barrel premium to Brent, although on a daily basis the pricing relationships between these can vary greatly.
Brent
Brent Blend is actually a combination of crude oil from 15 different oil fields in the Brent and Ninian systems located in the North Sea. Its API gravity is 38.3 degrees (making it a “light� crude oil, but not quite as “light� as WTI), while it contains about 0.37 percent of sulfur (making it a “sweet� crude oil, but again slightly less “sweet� than WTI). Brent blend is ideal for making gasoline and middle distillates, both of which are consumed in large quantities in Northwest Europe, where Brent blend crude oil is typically refined. However, if the arbitrage between Brent and other crude oils, including WTI, is favorable for export, Brent has been known to be refined in the United States (typically the East Coast or the Gulf Coast) or the Mediterranean region. Brent blend, like WTI, production is also on the decline, but it remains the major benchmark for other crude oils in Europe or Africa. For example, prices for other crude oils in these two continents are often priced as a differential to Brent, i.e., Brent minus $0.50. Brent blend is generally priced at about a $1-per-barrel premium to the OPEC Basket price or about a $1-per-barrel discount to WTI, although on a daily basis the pricing relationships can vary greatly.
NYMEX Futures
The NYMEX futures price for crude oil, which is reported in almost every major newspaper in the United States, represents (on a per-barrel basis) the market-determined value of a futures contract to either buy or sell 1,000 barrels of WTI or some other light, sweet crude oil at a specified time. Relatively few NYMEX crude oil contracts are actually executed for physical delivery. The NYMEX market, however, provides important price information to buyers and sellers of crude oil in the United States (and around the world), making WTI the benchmark for many different crude oils, especially in the Americas. Typically, the NYMEX futures prices tracks within pennies of the WTI spot price described above, although since the NYMEX futures contract for a given month expires 3 days before WTI spot trading for the same month ceases, there may be a few days in which the difference between the NYMEX futures price and the WTI spot price widens noticeably.
OPEC Basket Price
For a discussion of crude oil pricing in general, and of the OPEC Basket price in particular, see EIA's OPEC Fact Sheet. OPEC collects pricing data on a "basket" of seven crude oils, including: Algeria's Saharan Blend, Indonesia's Minas, Nigeria's Bonny Light, Saudi Arabia's Arab Light, Dubai's Fateh, Venezuela's Tia Juana Light, and Mexico's Isthmus (a non-OPEC crude oil). OPEC uses the price of this basket to monitor world oil market conditions. As mentioned above, because WTI crude oil is a very light, sweet (low sulfur content) crude, it is generally more expensive than the OPEC basket, which is an average of light sweet crude oils such as Algeria's Saharan Blend and heavier sour crude oils (with high sulfur content) such as Dubai's Fateh. Brent is also lighter, sweeter, and more expensive than the OPEC basket, although less so than WTI. Since OPEC has (at least informally) tied its production management activity to the goal of maintaining the OPEC Basket price between $22 and $28 per barrel, market watchers now pay close attention to this oil price indicator.
Imported Refiner Acquisition Cost
The Imported Refiner Acquisition Cost (IRAC) is a volume-weighted average price of all crude oils imported into the United States over a specified period. Because the United States imports more types of crude oil than any other country, it may represent the truest “world oil price� among all published crude oil prices. The IRAC is also usually similar to the OPEC Basket price, so it too is typically about $2 per barrel less than the WTI spot price and about $1 per barrel less than the Brent price. However, because the IRAC is not reported by EIA until nearly 2 months after the end of the month in question, i.e., the August IRAC average price would be reported sometime in late October, the IRAC is not a particularly timely measure of a “world oil price�. Although EIA is generally the only organization that uses the IRAC, it is used by EIA as the “world oil price� in all of its forecast publications, including the Short-Term Energy Outlook, released monthly, as well as the Annual Energy Outlook and International Energy Outlook, both of which are released annually and provide an annual forecast looking out approximately 20 years in the future
Jun 9th 2005, 8:28 pm
#99
Forum Regular
Thread Starter
Joined: Apr 2005
Posts: 90
Re: Brief history of Saudi
Originally Posted by samireh
I've heard of 'sweet' oil....and 'sour' oil...sour is the oil from this region which produces loads of smelly sulphur.....I think different oils use differe.....ooh here you go:
Ive copied it for youWest Texas Intermediate
West Texas Intermediate (WTI) crude oil is of very high quality and is excellent for refining a larger portion of gasoline. Its API gravity is 39.6 degrees (making it a “light� crude oil), and it contains only about 0.24 percent of sulfur (making a “sweet� crude oil). This combination of characteristics, combined with its location, makes it an ideal crude oil to be refined in the United States, the largest gasoline consuming country in the world. Most WTI crude oil gets refined in the Midwest region of the country, with some more refined within the Gulf Coast region. Although the production of WTI crude oil is on the decline, it still is the major benchmark of crude oil in the Americas. WTI is generally priced at about a $2-per-barrel premium to the OPEC Basket price and about $1-per-barrel premium to Brent, although on a daily basis the pricing relationships between these can vary greatly.
Brent
Brent Blend is actually a combination of crude oil from 15 different oil fields in the Brent and Ninian systems located in the North Sea. Its API gravity is 38.3 degrees (making it a “light� crude oil, but not quite as “light� as WTI), while it contains about 0.37 percent of sulfur (making it a “sweet� crude oil, but again slightly less “sweet� than WTI). Brent blend is ideal for making gasoline and middle distillates, both of which are consumed in large quantities in Northwest Europe, where Brent blend crude oil is typically refined. However, if the arbitrage between Brent and other crude oils, including WTI, is favorable for export, Brent has been known to be refined in the United States (typically the East Coast or the Gulf Coast) or the Mediterranean region. Brent blend, like WTI, production is also on the decline, but it remains the major benchmark for other crude oils in Europe or Africa. For example, prices for other crude oils in these two continents are often priced as a differential to Brent, i.e., Brent minus $0.50. Brent blend is generally priced at about a $1-per-barrel premium to the OPEC Basket price or about a $1-per-barrel discount to WTI, although on a daily basis the pricing relationships can vary greatly.
NYMEX Futures
The NYMEX futures price for crude oil, which is reported in almost every major newspaper in the United States, represents (on a per-barrel basis) the market-determined value of a futures contract to either buy or sell 1,000 barrels of WTI or some other light, sweet crude oil at a specified time. Relatively few NYMEX crude oil contracts are actually executed for physical delivery. The NYMEX market, however, provides important price information to buyers and sellers of crude oil in the United States (and around the world), making WTI the benchmark for many different crude oils, especially in the Americas. Typically, the NYMEX futures prices tracks within pennies of the WTI spot price described above, although since the NYMEX futures contract for a given month expires 3 days before WTI spot trading for the same month ceases, there may be a few days in which the difference between the NYMEX futures price and the WTI spot price widens noticeably.
OPEC Basket Price
For a discussion of crude oil pricing in general, and of the OPEC Basket price in particular, see EIA's OPEC Fact Sheet. OPEC collects pricing data on a "basket" of seven crude oils, including: Algeria's Saharan Blend, Indonesia's Minas, Nigeria's Bonny Light, Saudi Arabia's Arab Light, Dubai's Fateh, Venezuela's Tia Juana Light, and Mexico's Isthmus (a non-OPEC crude oil). OPEC uses the price of this basket to monitor world oil market conditions. As mentioned above, because WTI crude oil is a very light, sweet (low sulfur content) crude, it is generally more expensive than the OPEC basket, which is an average of light sweet crude oils such as Algeria's Saharan Blend and heavier sour crude oils (with high sulfur content) such as Dubai's Fateh. Brent is also lighter, sweeter, and more expensive than the OPEC basket, although less so than WTI. Since OPEC has (at least informally) tied its production management activity to the goal of maintaining the OPEC Basket price between $22 and $28 per barrel, market watchers now pay close attention to this oil price indicator.
Imported Refiner Acquisition Cost
The Imported Refiner Acquisition Cost (IRAC) is a volume-weighted average price of all crude oils imported into the United States over a specified period. Because the United States imports more types of crude oil than any other country, it may represent the truest “world oil price� among all published crude oil prices. The IRAC is also usually similar to the OPEC Basket price, so it too is typically about $2 per barrel less than the WTI spot price and about $1 per barrel less than the Brent price. However, because the IRAC is not reported by EIA until nearly 2 months after the end of the month in question, i.e., the August IRAC average price would be reported sometime in late October, the IRAC is not a particularly timely measure of a “world oil price�. Although EIA is generally the only organization that uses the IRAC, it is used by EIA as the “world oil price� in all of its forecast publications, including the Short-Term Energy Outlook, released monthly, as well as the Annual Energy Outlook and International Energy Outlook, both of which are released annually and provide an annual forecast looking out approximately 20 years in the future
Ive copied it for youWest Texas Intermediate
West Texas Intermediate (WTI) crude oil is of very high quality and is excellent for refining a larger portion of gasoline. Its API gravity is 39.6 degrees (making it a “light� crude oil), and it contains only about 0.24 percent of sulfur (making a “sweet� crude oil). This combination of characteristics, combined with its location, makes it an ideal crude oil to be refined in the United States, the largest gasoline consuming country in the world. Most WTI crude oil gets refined in the Midwest region of the country, with some more refined within the Gulf Coast region. Although the production of WTI crude oil is on the decline, it still is the major benchmark of crude oil in the Americas. WTI is generally priced at about a $2-per-barrel premium to the OPEC Basket price and about $1-per-barrel premium to Brent, although on a daily basis the pricing relationships between these can vary greatly.
Brent
Brent Blend is actually a combination of crude oil from 15 different oil fields in the Brent and Ninian systems located in the North Sea. Its API gravity is 38.3 degrees (making it a “light� crude oil, but not quite as “light� as WTI), while it contains about 0.37 percent of sulfur (making it a “sweet� crude oil, but again slightly less “sweet� than WTI). Brent blend is ideal for making gasoline and middle distillates, both of which are consumed in large quantities in Northwest Europe, where Brent blend crude oil is typically refined. However, if the arbitrage between Brent and other crude oils, including WTI, is favorable for export, Brent has been known to be refined in the United States (typically the East Coast or the Gulf Coast) or the Mediterranean region. Brent blend, like WTI, production is also on the decline, but it remains the major benchmark for other crude oils in Europe or Africa. For example, prices for other crude oils in these two continents are often priced as a differential to Brent, i.e., Brent minus $0.50. Brent blend is generally priced at about a $1-per-barrel premium to the OPEC Basket price or about a $1-per-barrel discount to WTI, although on a daily basis the pricing relationships can vary greatly.
NYMEX Futures
The NYMEX futures price for crude oil, which is reported in almost every major newspaper in the United States, represents (on a per-barrel basis) the market-determined value of a futures contract to either buy or sell 1,000 barrels of WTI or some other light, sweet crude oil at a specified time. Relatively few NYMEX crude oil contracts are actually executed for physical delivery. The NYMEX market, however, provides important price information to buyers and sellers of crude oil in the United States (and around the world), making WTI the benchmark for many different crude oils, especially in the Americas. Typically, the NYMEX futures prices tracks within pennies of the WTI spot price described above, although since the NYMEX futures contract for a given month expires 3 days before WTI spot trading for the same month ceases, there may be a few days in which the difference between the NYMEX futures price and the WTI spot price widens noticeably.
OPEC Basket Price
For a discussion of crude oil pricing in general, and of the OPEC Basket price in particular, see EIA's OPEC Fact Sheet. OPEC collects pricing data on a "basket" of seven crude oils, including: Algeria's Saharan Blend, Indonesia's Minas, Nigeria's Bonny Light, Saudi Arabia's Arab Light, Dubai's Fateh, Venezuela's Tia Juana Light, and Mexico's Isthmus (a non-OPEC crude oil). OPEC uses the price of this basket to monitor world oil market conditions. As mentioned above, because WTI crude oil is a very light, sweet (low sulfur content) crude, it is generally more expensive than the OPEC basket, which is an average of light sweet crude oils such as Algeria's Saharan Blend and heavier sour crude oils (with high sulfur content) such as Dubai's Fateh. Brent is also lighter, sweeter, and more expensive than the OPEC basket, although less so than WTI. Since OPEC has (at least informally) tied its production management activity to the goal of maintaining the OPEC Basket price between $22 and $28 per barrel, market watchers now pay close attention to this oil price indicator.
Imported Refiner Acquisition Cost
The Imported Refiner Acquisition Cost (IRAC) is a volume-weighted average price of all crude oils imported into the United States over a specified period. Because the United States imports more types of crude oil than any other country, it may represent the truest “world oil price� among all published crude oil prices. The IRAC is also usually similar to the OPEC Basket price, so it too is typically about $2 per barrel less than the WTI spot price and about $1 per barrel less than the Brent price. However, because the IRAC is not reported by EIA until nearly 2 months after the end of the month in question, i.e., the August IRAC average price would be reported sometime in late October, the IRAC is not a particularly timely measure of a “world oil price�. Although EIA is generally the only organization that uses the IRAC, it is used by EIA as the “world oil price� in all of its forecast publications, including the Short-Term Energy Outlook, released monthly, as well as the Annual Energy Outlook and International Energy Outlook, both of which are released annually and provide an annual forecast looking out approximately 20 years in the future
All I ever wanted to know about the oli but was too affraid to ask...
Jun 9th 2005, 8:30 pm
#100
Lost in BE Cyberspace
Joined: May 2005
Posts: 10,461
Re: Brief history of Saudi
Originally Posted by stormer
Cheers
All I ever wanted to know about the oli but was too affraid to ask...
All I ever wanted to know about the oli but was too affraid to ask...
But thats another story/thread.
Jun 10th 2005, 5:37 am
#101
UAE Expat
Joined: Jan 2005
Location: Dubai, UAE
Posts: 3,393
Re: Brief history of Saudi
Maybe that's why Holland is planning to (A) replace it's one and only nuclear plant. And (B) Build a 2nd and 3rd nuclear energy plant. Due to all the gas pumping in the north of Holland, there are places that have sunk about 20cm!!!
North Sea oil? With every report that comes out, different estimation figures are given on how much is really down there. So I wonder when the "Turbo" version of an electric car will be available?
North Sea oil? With every report that comes out, different estimation figures are given on how much is really down there. So I wonder when the "Turbo" version of an electric car will be available?
