Wednesday, July 7, 2010

Saudi king orders halt to oil exploration: report

This is a bit odd, no?

RIYADH (Zawya Dow Jones)--Saudi Arabia's King Abdullah has ordered a halt to oil exploration operations to save the hydrocarbon wealth in the world's top crude exporting nation for future generations, the official Saudi Press Agency, or SPA, reported late Saturday.

"I was heading a cabinet meeting and told them to pray to God the Almighty to give it a long life," King Abdullah told Saudi scholars studying in Washington, according to SPA.

"I told them that I have ordered a halt to all oil explorations so part of this wealth is left for our sons and successors God willing," he said.

Source (h/t Mega at iTulip). Then the very next paragraph backtracks a bit:
A senior oil ministry official, who declined to be named, told Zawya Dow Jones the king's order wasn't an outright ban but rather meant future exploration activities should be carried out wisely.
So what does this mean? Has Saudi oil production peaked? What will be the political implications if it has? This could get interesting...

4 comments:

Stimpson said...

I think it means the Saudi royal family has more sense than the government of Alberta.

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于倫 said...

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cherenkov said...

It means the price per barrel isn't trending up as quick as they would like.