Saudi Oil Minister Exposes OPEC Lie On 60 Minutes Segment

Posted by on Dec 7th, 2008 and filed under Marketplace, Top Stories. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry from your site | Viewed 125370 times.

60 Minutes started off its show with a segment very familiar to The Lie Politic. The oil nations are in fear! They are seeing the United States, their largest customer, not only in a recession, but marching to a different drummer.

The Presidential campaign led to a cheer for energy independence and a more ecologically responsible energy policy. As we demonstrated in our last article, the future is nearly here.

The result?  Saudi Arabia is frightened, and they blundered. They admitted openly on 60 minutes that they have been either lying outright or concealing facts pertaining to their reserves.

Ali Al-Naimi, the Saudi oil minister and de facto head of the OPEC oil cartel said, when asked directly what the cost of extracting the oil in Saudi Arabia is, “It is probably less than $2.00 to produce a barrel”, but then 60 minutes stated Saudi Arabia needed $55 a barrel to support the cost of running their country. Not to run the business, to run the country! This clearly demonstrates what we have been saying.  They are a one product nation.  If oil dies, their economy dies.

Ali Al-Naimi went on to say, “Any price must be good for the producer, the consumer, for the investor, the oil companies”.

Certainly, the consumer was not OPEC’s concern while oil dependant nations were begging for more supply north of $140 a barrel. At that juncture, OPEC was nowhere to be found. Had they clearly stated the facts, oil would have never risen above $100 a barrel!

New fields that have been in development for years are coming online in early 2009. They will produce nearly 2 million barrels a day. This is more oil in these two fields alone than the entire daily production of Indonesia and Qatar combined.

The manager of the project, in an interview with Lesley Stahl, stated that the new reserves would last the world 50 years at 2 million barrels a day. The price of oil isn’t just plummeting because of the slow down in the US. It is plummeting because the supply that is about to come online is huge!

Ali Al-Naimi admitted in the interview they have 260 billion barrels currently accessible with the potential to nearly double that amount!! Read that again, please.

What kind of evil and greed would have concealed this information, supporting a rise in oil to $147 a barrel, and tipping the world’s economy into a recession, if not a depression?? Had they informed the world of this supply last year, oil would never have broken $100 a barrel!! They, along with billionaire hedge funds and other lying speculators, manipulated us all. And 60 minutes is evidence of the lie!

Could this be a conspiracy with the oil companies? Could it be a conspiracy with large commodity traders? Certainly many of the insiders had to know!! This project has been ongoing for years. The projected output was well known to these experts. They just didn’t tell us!

The exact transcript of the words spoke is here or watch the video clips below:

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20 Responses for “Saudi Oil Minister Exposes OPEC Lie On 60 Minutes Segment”

  1. futurist says:

    Since there haven´t been any recent posts this may fall on deaf ears, but I would like to request that folks keep to facts and established economic theories. If we are going to use unfounded claims and improbable conspiracy theories as arguments, we might as well give up on intelligent conversation.
    So far I only saw Fred Mrozek make appropriate comments, and he only pointed to obvious facts! If anyone wants to think they are being manipulated by the saudis (or green martians, for that matter), based on the false claims that information which is public was being withheld, that is their right, but it is insulting to have to read such balderdash.
    It would be more productive to try to get down to the basics, and see how much of the data on Saudi field reserves and well production can be obtained, so that we could arrive at our own conclusions about the real state of their reserves and potential production increases in the short term, which I personally consider quite improbable.

  2. We have been held to ransom for long enough, the sooner we get off this stuff the better and the first step is buying electric cars.

  3. Carbonic44 says:

    Hmmm. Bush the oil man gets in office, 9/11 by Saudis, we go to war in one viable country (Afghanistan), then into Iraq – which was unjustified – and full of oil wells I might add, that were set on fire when his daddy went to war there…. Oil prices climb steadily from 2001-2008, climaxing in 2008. Suddenly headlines state the “War is a success.” Then simultaneously commodity futures trading falls apart, takes our entire bogus banking system down with it – obvoiusly since they were heavily vested there – and suddenly the price of gas at the pump drops below $2.00… somewhere where it sould have been all along. I tried to explain to my macro / micro economics teacher that you can throw the idea of calculable supply & demand economics out the window when kenivaling suits are allowed to run the world… She gave me a B instead of an A for that comment. Come on people, this isn’t rocket science here!

  4. amersucker says:

    No wonder oil went up to $150 a barrel, they wanted their money back to pay for the project…………..LOL

  5. leonard says:

    Freddy is picking his nose. All the wells that were becoming depleted are now running full blast and
    don’t even count any depletion factor unless you count in centuries.

    While the APIC rejected Dr Thomas Gold deep oil thesis (he proved it by drilling in Finland) the Arabs had found a Jew they could like and immediately started drilling miles deeper in the water extraction holes and found oil at pressures they could not even hope for.
    (

  6. […] Saudi’s lied about or concealed new supply. That lie led to speculation that supplies were dwindling and demand soaring world wide at a […]

     
  7. fred mrozek says:

    It makes no sense to discuss future production from new oil fields without mentioning decreasing production from existing fields. Depletion of existing oil fields is probably around 4% per year, which means the world needs a few million new barrels per day every year just to maintain current production levels. Even if there were no recession at present, Saudi Arabia and Iraq could probably ratchet up production enough to supply accelerating global demand for a few more years, but after that, the world will probably have to begin to adopt alternatives.

    “Ali Al-Naimi admitted in the interview they have 260 billion barrels currently accessible with the potential to nearly double that amount!! Read that again, please. What kind of evil and greed would have concealed this information, supporting a rise in oil to $147 a barrel, and tipping the world’s economy into a recession, if not a depression??”

    What kind of evil and greed you ask? The non-existent kind. It is not a secret that the Saudi’s claim 260 billion barrels of reserves. They have been making that claim regularly for many years. It is insulting or even malicious to suggest that they have kept such statistics secret in order to drive the price skyward. They simply haven’t. What is a secret is data that backs up claims of that sort. And if any of their 260 billion barrels is in economically extractable light, sweet oil, that may be a secret too. If there was 200 billion barrels of light sweet stuff around, would the Saudi’s be spending billions of USD to extract heavy oil with forced water injection? Probably not.

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  10. Sean says:

    @Kal Palnicki – 100 years of supply? Where do you get this data?

  11. […] (See original article here) […]

     
  12. Kal Palnicki says:

    Oil prices are manipulated by several people/nations/corporations. It behooves Saudis to get as much as possible for the oil. There is probably at least 100 year supply around the planet. There is probably no possibility that burning as much as we do for another 100 years we’ll avoid massive global warming. Oil is bad for everyone when used as gasoline, deisel or burned to produce BTUs.

    We need to see to it that the current supply lasts at least 1,000 years.

  13. imaxfli says:

    Oil is a Commodity, it’s price is determined on the open market…what needs to be done is regulation of these markets, bidders have to be made to put up a higher % of money and maybe even have to be able to take delivery, that alone would stabilize the price of oil at much lower levels than we saw this summer.

  14. intolerant says:


    Originally Posted By MikeWhy can’t the Saudis charge what they want? Why are they not allowed to restrict how much they produce? It is their oil. It is found under their sand. They have the right to try and get what ever they can.

    I don’t see Microsoft / Proctor and Gamble/ Ben and Jerry’s trying to make their product cheaper.

    As American whiners we have grown accustomed to dirt cheap oil. Get used to a new future.

    It is one thing to “set” a price based on market supply and demand. It is completely another to manipulate the market. OPEC completely lied and sucked our economy dry! And to think Saudi Arabia is supposedly a US ally! When Bush and world leaders called for help, they said there was nothing they could do! Scum!

  15. Mike says:

    Why can’t the Saudis charge what they want? Why are they not allowed to restrict how much they produce? It is their oil. It is found under their sand. They have the right to try and get what ever they can.

    I don’t see Microsoft / Proctor and Gamble/ Ben and Jerry’s trying to make their product cheaper.

    As American whiners we have grown accustomed to dirt cheap oil. Get used to a new future.

  16. thinkmuch says:

    Did you ever think about the fact that almost all the 9/11 terrorists were Saudi? Makes you wonder if it was planned that far back…doesn’t it?

  17. Jeff says:

    The head of Exxon said earlier in the year and before that the high oil prices were not justified. I have heard for a while that Saudi Arabia could extract oil for $10 per barrel. $2 is new to me but I am glad.

  18. oilman says:

    OPEC has been clearly behind every move higher in price, holding back. They burned a ton of people. But there were tons of speculators in on this too. Manipulators that lied all the way to the top.

    OPEC can still manipulate us because of our economy. You watch, the only “green” in America for the next four years will be the dollar.

  19. jstck1 says:

    Wow, corruption at the top of the food chain…par for the course in this
    day and age.

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