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Looking for Oil Demand in All the Wrong Places

Globeandmail.com -- By Jeff Rubin

Excerpts

Between explosive growth in oil-thirsty economies like China and India, and OPEC’s voracious appetite for its own fuel, OECD fuel markets are becoming increasingly marginal. That’s why Saudi Aramco is far more interested in securing long-term supply contracts with rapidly expanding domestic oil markets in countries such as China and India than in supplying shrinking oil markets like those in the US.

As China moves from consuming 8 million barrels a day to 10 million barrels, and OPEC ramps up its own daily consumption from 10.5 million to 12 million barrels,

So instead of thinking that a decline in U.S. oil consumption means a build-up in global oil inventories, just think of it as freeing up another barrel to be guzzled in China or the Middle East.

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Submitted Mar 11, 2010 By: UncleCurt

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honda0105 Champion Author Tallahassee Posts:15,252 Points:1,141,025 Joined:Nov 2008	Message Posted: Mar 12, 2010 8:49:35 PM Ignore honda0105 Report Abuse let others guzzle - we need to break free from Pig Oil monopoly if we want to become world leaders again.
honda0105 Champion Author Tallahassee Posts:15,252 Points:1,141,025 Joined:Nov 2008	Message Posted: Mar 12, 2010 8:48:19 PM Ignore honda0105 Report Abuse how about finding renewable, sustainable alternative sources to oil that we can produce domestically?
ENORMS Champion Author Colorado Posts:3,014 Points:1,171,335 Joined:Sep 2006	Message Posted: Mar 12, 2010 6:07:04 AM Ignore ENORMS Report Abuse The speculators keep pushing up the price of oil until it kills the economy and puts more people out of work.
UncleCurt Champion Author Winnipeg Posts:4,583 Points:779,215 Joined:Feb 2009	Message Posted: Mar 12, 2010 2:17:15 AM Ignore UncleCurt Report Abuse jcurley and granitestater your welcome.
granitestater Champion Author New Hampshire Posts:6,309 Points:1,017,395 Joined:Oct 2008	Message Posted: Mar 12, 2010 12:35:48 AM Ignore granitestater Report Abuse Thank you, Uncle Curt. Unlike that idjit that keeps blurbing, "Conserve, Conserve!" like a Prophet in the Desert. Every gallon we save is a gallon that the Chinese or Indians can burn.
NavyStore Champion Author Seattle Posts:3,768 Points:1,657,940 Joined:Aug 2005	Message Posted: Mar 12, 2010 12:06:10 AM Ignore NavyStore Report Abuse Plug Baby, Plug!
TBONE3 Champion Author Pennsylvania Posts:6,383 Points:1,509,670 Joined:Mar 2005	Message Posted: Mar 11, 2010 11:31:59 PM Ignore TBONE3 Report Abuse This was a real uplifting read of the future of oil prices in the U.S. Is the author hinting we will not longer be a leader in world economy? Reads that way. I hope you are 100% incorrect!
10k Champion Author North Carolina Posts:16,585 Points:1,786,795 Joined:May 2006	Message Posted: Mar 11, 2010 11:31:36 PM Ignore 10k Report Abuse i think the cost of grain to the middle east should reflect the cost of oil-rise, baby, rise..
rxman1 Champion Author Toledo Posts:6,991 Points:1,395,220 Joined:Nov 2007	Message Posted: Mar 11, 2010 11:28:45 PM Ignore rxman1 Report Abuse Unless you want to spend your entire paycheck on fuel, conserve it.
tedjm1 Champion Author New York Posts:3,535 Points:388,610 Joined:Dec 2006	Message Posted: Mar 11, 2010 11:20:35 PM Ignore tedjm1 Report Abuse Its all about, 'Where can I make the most money?'
Blue_Cruzer Champion Author Lexington Posts:5,147 Points:1,201,650 Joined:Mar 2007	Message Posted: Mar 11, 2010 11:16:39 PM Ignore Blue_Cruzer Report Abuse We still need to conserve, and cut our dependence on foreign oil.
Bus561 Champion Author Lexington Posts:14,071 Points:2,752,030 Joined:May 2004	Message Posted: Mar 11, 2010 11:14:54 PM Ignore Bus561 Report Abuse And this is exactly why we need to secure our own energy source, whether it be oil or an alternative energy source.
BKool Champion Author Michigan Posts:4,526 Points:1,753,300 Joined:Aug 2005	Message Posted: Mar 11, 2010 11:11:37 PM Ignore BKool Report Abuse Thank you Asia, India, Europe....
CobraLeader Champion Author New Jersey Posts:267,902 Points:1,200,750 Joined:Apr 2007	Message Posted: Mar 11, 2010 11:11:34 PM Ignore CobraLeader Report Abuse ... so look for oil demand in the correct places ...
Gary65 Champion Author Toronto Posts:1,501 Points:511,655 Joined:Jan 2009	Message Posted: Mar 11, 2010 11:11:25 PM Ignore Gary65 Report Abuse So true V240
Buddy2264 Champion Author Tampa Posts:9,253 Points:1,892,465 Joined:Oct 2005	Message Posted: Mar 11, 2010 11:11:23 PM Ignore Buddy2264 Report Abuse We are going to need a good alternative the question is when. What if the same money was put into alternatives that is put into drilling? Conservation keeps your money in your pocket.
v240 All-Star Author Pennsylvania Posts:963 Points:1,066,115 Joined:Feb 2007	Message Posted: Mar 11, 2010 11:09:15 PM Ignore v240 Report Abuse Let's not forget that every dollar not spent on oil - because we conserved what we had, or found alternative energy sources - is a dollar not sent to a country that doesn't like us (except as oil consumers).
joel27nc Champion Author Raleigh Posts:8,152 Points:1,391,370 Joined:Mar 2008	Message Posted: Mar 11, 2010 11:08:54 PM Ignore joel27nc Report Abuse What solution do you propose?
rippinusoff Champion Author Lexington Posts:5,049 Points:1,020,925 Joined:May 2007	Message Posted: Mar 11, 2010 11:07:02 PM Ignore rippinusoff Report Abuse what demand?
majorfall Champion Author New York Posts:13,453 Points:2,666,960 Joined:May 2004	Message Posted: Mar 11, 2010 11:06:37 PM Ignore majorfall Report Abuse dump oil now
pinkelefant Champion Author Sacramento Posts:16,951 Points:2,194,890 Joined:Aug 2003	Message Posted: Mar 11, 2010 11:04:38 PM Ignore pinkelefant Report Abuse doh
Joeski1 Champion Author New Jersey Posts:6,764 Points:1,273,860 Joined:Dec 2004	Message Posted: Mar 11, 2010 11:02:57 PM Ignore Joeski1 Report Abuse that's why we americans need to dump oil as soon as we can...
linga115 Rookie Author Sacramento Posts:47 Points:161,890 Joined:Feb 2010	Message Posted: Mar 11, 2010 10:59:14 PM Ignore linga115 Report Abuse time for change
dbatw Champion Author St. Louis Posts:1,686 Points:341,165 Joined:Apr 2009	Message Posted: Mar 11, 2010 10:52:17 PM Ignore dbatw Report Abuse don't look to me, creeps....I am going electric as soon as the first Leaf blossoms....
OGW Champion Author London Posts:3,337 Points:1,111,980 Joined:Sep 2005	Message Posted: Mar 11, 2010 10:51:36 PM Ignore OGW Report Abuse They have got the money yet to pay the prices for fuel that we do.
ItsMorph Champion Author Grand Rapids Posts:30,074 Points:2,719,270 Joined:Mar 2004	Message Posted: Mar 11, 2010 10:49:38 PM Ignore ItsMorph Report Abuse Figures.
jjw0608 Champion Author Milwaukee Posts:5,193 Points:1,364,015 Joined:Nov 2005	Message Posted: Mar 11, 2010 10:47:32 PM Ignore jjw0608 Report Abuse Like looking for love?
TBRR Champion Author Jacksonville Posts:2,168 Points:363,840 Joined:Dec 2007	Message Posted: Mar 11, 2010 10:36:17 PM Ignore TBRR Report Abuse china is getting oil from every place they can, even angle drilling into the supply in the gulf of mexico from cuba, and our elected buffoons in congress say no to drilling in the gulf. time to elect new people to washington and throw the crooked bums out. we get that chance in nov 2010 as all of congress is up for reelection and 1/3 of the senate. that is in hope we still have the right to vote unless obummar changes it.
swlincdrv Veteran Author Lincoln Posts:375 Points:219,115 Joined:Oct 2008	Message Posted: Mar 11, 2010 10:36:10 PM Ignore swlincdrv Report Abuse yawn
Number43 Champion Author Lexington Posts:6,287 Points:1,188,905 Joined:Oct 2008	Message Posted: Mar 11, 2010 10:35:13 PM Ignore Number43 Report Abuse Anyone investing in alt. energy should think about the outcome if they should succeed in competing with oil. Oil prices are artificially high at the moment but if real competition should emerge they can and will decline to undercut that competition. Only with government help can alt. energy have a chance and high long will we put up with high prices just to prop up alt. energy and make some people rich.
judgemobile Champion Author Ohio Posts:5,245 Points:1,983,145 Joined:Nov 2005	Message Posted: Mar 11, 2010 10:32:52 PM Ignore judgemobile Report Abuse we have BILLIONS of barrels of recoverable oil sitting in Indiana and the Dakotas. We need a President, not a clown, in charge to allow oil companies to go and get them.
altima2008 Champion Author Philadelphia Posts:5,793 Points:1,272,305 Joined:Apr 2008	Message Posted: Mar 11, 2010 10:30:00 PM Ignore altima2008 Report Abuse We need to dig for our own oil or create alternative means of new energy. We need a president that will actually do it, not like the clown we have in office now!
Number43 Champion Author Lexington Posts:6,287 Points:1,188,905 Joined:Oct 2008	Message Posted: Mar 11, 2010 10:28:48 PM Ignore Number43 Report Abuse But still there is more oil being produced than is being consumed.
Lukus Champion Author Halifax Posts:6,021 Points:1,215,535 Joined:Nov 2007	Message Posted: Mar 11, 2010 10:12:01 PM Ignore Lukus Report Abuse The US and Canada need to get more involved in SOLAR and Wind energy.
DosEquis26 Champion Author Chicago Posts:3,758 Points:1,541,590 Joined:Jun 2006	Message Posted: Mar 11, 2010 10:08:30 PM Ignore DosEquis26 Report Abuse I couldn't find love there, either. Stay thirsty, my friends.
AtascaderoHound All-Star Author California Posts:558 Points:588,935 Joined:Oct 2006	Message Posted: Mar 11, 2010 9:55:47 PM Ignore AtascaderoHound Report Abuse Cheap gasoline is a thing of the past regardless of anything any of us can do about it. It's a fact of life. We will soon remember with nostalgia $3/gallon. The sooner we get away form the gasoline internal combustion engine, the better for our economy, our health and the health of the planet.
FordF2502001 Champion Author Mississippi Posts:5,673 Points:1,153,745 Joined:Sep 2008	Message Posted: Mar 11, 2010 9:54:34 PM Ignore FordF2502001 Report Abuse We are getting screwed by our own greed.
zdn Champion Author New Jersey Posts:1,722 Points:729,390 Joined:Sep 2009	Message Posted: Mar 11, 2010 9:52:33 PM Ignore zdn Report Abuse chinese hummer?
beachbumCA Champion Author Riverside Posts:10,459 Points:1,206,350 Joined:May 2008	Message Posted: Mar 11, 2010 9:51:29 PM Ignore beachbumCA Report Abuse It is easy. We all know the demand is in China. They make everything for the USA.
packards42 Champion Author Washington Posts:4,232 Points:716,195 Joined:Feb 2005	Message Posted: Mar 11, 2010 9:50:44 PM Ignore packards42 Report Abuse No doubt the internal fuel consumption in Saudi Arabia is ramping up, as young men can't meet and date women cars, not moon light drives here. Driving is the only socially fun thing around. Factor in the population doubling every 8 years, the number of driver soon will double too and triple, there a lot of young teenage boys, Life dream a car, job,house and first wife. usually in that order .
Bubba44612 Champion Author Ohio Posts:5,173 Points:1,419,020 Joined:Aug 2005	Message Posted: Mar 11, 2010 9:45:58 PM Ignore Bubba44612 Report Abuse BS, we are getting screwed by the speculators.
mstearno Champion Author Dayton Posts:5,862 Points:1,285,210 Joined:Jan 2008	Message Posted: Mar 11, 2010 9:39:18 PM Ignore mstearno Report Abuse We are so hosed if 2014 is the peak year
ILANGE9 Champion Author Illinois Posts:5,185 Points:1,130,675 Joined:Sep 2008	Message Posted: Mar 11, 2010 9:39:12 PM Ignore ILANGE9 Report Abuse China is using US money to buy their resources and slowly the world.
hwnguy Champion Author Honolulu Posts:3,580 Points:1,021,940 Joined:Apr 2008	Message Posted: Mar 11, 2010 9:38:05 PM Ignore hwnguy Report Abuse Yes, it's a global market now
comprof Champion Author Houston Posts:4,373 Points:895,100 Joined:Jul 2009	Message Posted: Mar 11, 2010 9:36:27 PM Ignore comprof Report Abuse Simple answers but no one wants to do anything but talk. Drill on the east and west coast and in Alaska while constructing large numbers of nuclear reactors. Quit taslking and start drilling and building.
knot2swift Champion Author Calgary Posts:2,428 Points:412,535 Joined:Nov 2009	Message Posted: Mar 11, 2010 9:34:12 PM Ignore knot2swift Report Abuse Won't be all about the US soon. Sure there still number 1 as an oil consuming nation, but give it 5 years.
danreino Champion Author Twin Cities Posts:6,270 Points:1,142,195 Joined:Mar 2008	Message Posted: Mar 11, 2010 9:32:25 PM Ignore danreino Report Abuse Will the United States ever start using/finding more of it's own oil ?
fordmexico Champion Author Michigan Posts:7,515 Points:306,200 Joined:Oct 2009	Message Posted: Mar 11, 2010 9:18:28 PM Ignore fordmexico Report Abuse carefrey posted, "Let those oil guzzling countries find their own sources!" They are. All you need to do is to read the articles in this forum to realize that China is gobbling up reserves all over the world. They are also investing heavily in wind and solar energy to meet their energy requirements.
Asbury09 Champion Author Iowa Posts:4,963 Points:1,068,680 Joined:Jan 2009	Message Posted: Mar 11, 2010 9:18:07 PM Ignore Asbury09 Report Abuse and China has the money to pay for it---OURS
cruisingtx Champion Author San Antonio Posts:1,480 Points:970,905 Joined:Jan 2009	Message Posted: Mar 11, 2010 9:08:48 PM Ignore cruisingtx Report Abuse Yes to more alternatives.