Saudi Arabia has oil reserves if Y2k disrupts supply (Remember this old tale?)greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Saudi Arabia has oil reserves if Y2K disrupts supply By Reuters Special to CNET News.com December 9, 1999, 7:40 a.m. PT
WASHINGTON--Saudi Arabia's oil minister said yesterday his country is ready to step in and replace any oil supplies that may be disrupted because of Y2K computer problems.
"In this regard, we are prepared, along with other major exporters, to assure supply in the event of any Y2K disruption," said Saudi oil minister Ali al-Naimi.
He pointed out that Saudi Arabia's unused oil production capacity is about three million barrels per day (bpd).
"This capacity...provides insurance against unexpected supply interruption or demand surge," he said.
Al-Naimi made his comments during a dinner speech at an energy conference sponsored by the Center for Strategic and International Studies and The Financial Times.
He sidestepped answering the question of whether or not OPEC (Organization of the Petroleum Exporting Countries) nations should increase their output if Iraq continues to halt its oil exports.
"If you can answer what [Saddam Hussein's] going to do, I will give you a more definite answer," al-Naimi said.
-- Homer Beanfang (Bats@inbellfry.com), January 24, 2000
Of course, since noone is admitting to any y2k-related disruptions, I guess the Saudis can't be held to much.
-- Brooks (firstname.lastname@example.org), January 24, 2000.
I thought Y2K was "over"?
-- Earl (email@example.com), January 24, 2000.
Thank you, Homer - you are one fine sleuth.
So, the Saudis stated a willingness to increase oil supply if necessary.
Today it is necessary as posts on this board show.
But the Saudis are not increasing their production.
And we are told that no one anywhere experienced any major Y2K impacts.
Were the Saudis lying then or are they lying now?
-- Bill P (firstname.lastname@example.org), January 24, 2000.
I had to reread this a couple of times.Has Reuters ever put out a story connecting oil problems to y2k This is a significant event IMHO. Interesting days ahead.
-- Ray (email@example.com), January 24, 2000.
But any Saudi increases will probably lag at least 3 weeks to a month in reaching markets...
-- Mad Monk (firstname.lastname@example.org), January 24, 2000.